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Thumzup Media (NASDAQ: TZUP) funds $2.5M Dogehash loan agreement

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Thumzup Media Corporation disclosed that on September 24, 2025 it loaned $2.5 million to Dogehash Technologies, Inc. and its subsidiary USDE Acquisition, Inc. under a secured promissory note bearing 8% annual interest. The note matures on the earliest of September 22, 2026, the closing of Thumzup’s planned acquisition of Dogehash under an August 18, 2025 merger agreement, or termination of that agreement.

To protect the Loan, Thumzup entered into a Security Agreement giving it a first‑priority lien on specified collateral, including profits interests, and a Subordination Agreement under which an existing secured lender agreed that its security interest will be subordinated to Thumzup’s interest in that collateral. Thumzup also highlighted that completing the Dogehash acquisition will require stockholder approvals, Nasdaq approval, a fairness opinion, and other customary closing conditions, and it plans to file and mail a proxy statement with further details.

Positive

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Insights

Thumzup extends a secured $2.5M bridge loan to Dogehash tied to a pending acquisition.

Thumzup Media has provided $2.5 million of funding to Dogehash Technologies and its subsidiary via a secured promissory note accruing 8% interest. The maturity is linked to specific events: September 22, 2026, closing of the Dogehash acquisition under the August 18, 2025 merger agreement, or termination of that agreement, which aligns the loan’s life with the transaction timeline.

The company strengthened its position by obtaining a Security Agreement granting a first‑priority lien over collateral, including profits interests, and a Subordination Agreement under which an existing secured lender agreed its security interest in Debtor assets is subordinated to Thumzup’s lien on the defined collateral. This structure aims to place Thumzup ahead of other secured creditors with respect to that collateral if enforcement were needed.

The filing also reiterates that the Dogehash acquisition remains contingent on stockholder approvals, Nasdaq approval, receipt of a fairness opinion, and other customary closing conditions, so completion is not assured. Future proxy materials and related SEC filings are expected to provide additional information on the proposed acquisition and the relationship between this loan and the overall transaction.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of report (date of earliest event reported): September 24, 2025

 

THUMZUP MEDIA CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada   001-42388   85-3651036

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

10557 Jefferson Blvd., Los Angeles, CA 90232

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (800) 403-6150

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, $0.001 par value   TZUP   The Nasdaq Stock Market LLC

 

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

On September 24, 2025, Thumzup Media Corporation (the “Company”) loaned to Dogehash Technologies, Inc. (“Dogehash”) $2.5 million (the “Loan”) which was evidenced by a secured promissory note (the “Note”) issued by Dogehash and USDE Acquisition, Inc., a wholly-owned subsidiary of Dogehash (“USDE” and together with Dogehash, the “Maker”) in favor of the Company. The Loan accrues interest at a rate of 8% per annum and matures upon the earliest of: (i) September 22, 2026, (ii) the date the Maker (or any successor in interest of the Maker) consummates the Subsequent Transaction (as defined herein), or (iii) the Agreement and Plan of Merger dated as of August 18, 2025 by and among the Company, TZUP Merger Sub., Inc., a direct, wholly-owned subsidiary of the Company, and Dogehash (the “Purchase Agreement”) is terminated pursuant to its terms. “Subsequent Transaction” means the closing of the acquisition of Maker by the Company pursuant to the Purchase Agreement. The obligations of the Maker under the Note are secured by Collateral (as defined in the Security Agreement (as defined herein)).

 

In connection with the Loan, on September 24, 2025, the Company entered into a security agreement (the “Security Agreement”) with the Maker pursuant to which, among other things, the Maker granted the Company a first priority lien and security interest in the Collateral including profits interest. In addition, on September 24, 2025, the Company entered into a subordination agreement (the “Subordination Agreement”) with a secured lender (together with its representatives, successors, and assigns, “Secured Lender”) and Dogehash pursuant to which each of the Secured Lender and Dogehash (together with all of its current and future, direct and/or indirect, wholly-owned and/or partially-owned subsidiaries and their respective successors and assigns, the “Debtor”) agreed that any security interest of the Secured Lender (and any other lender that may have a security interest in the assets of the Debtor, if any) in the assets of the Debtor will be subordinated to the senior security interest granted to Company with respect to the Collateral.

 

The foregoing descriptions of the Note, Security Agreement and Subordination Agreement are not complete and are qualified in their entirety by reference to the full text of the Note, Security Agreement and Subordination Agreement, copies of which are filed as Exhibits 10.1, 10.2 and 10.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

 

Item 8.01 Other Events

 

On September 30, 2025, the Company issued a press release with respect to the Loan. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibits

 

10.1+   Note issued on September 24, 2025 by Dogehash Technologies, Inc. and USDE Acquisition, Inc. in favor of the Company
10.2   Security Agreement dated September 24, 2025 by and among the Company, Dogehash Technologies, Inc. and USDE Acquisition, Inc.
10.3   Subordination Agreement dated September 24, 2025 by and among the Company, the Secured Lender and Dogehash Technologies, Inc. and USDE Acquisition, Inc.
99.1   Press release dated September 30, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

+ Certain of the schedules to this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The Company agrees to furnish a copy of all omitted schedules to the Securities and Exchange Commission upon its request.

 

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Forward-Looking Statements

 

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, our expectation that we will successfully consummate the acquisition with Dogehash, adverse changes in the crypto market including federal legislation and adverse regulations, our strategic direction and growth prospects, and our business, financial position and our potential growth and planned expansion. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this Current Report on Form 8-K. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, it can give no assurances that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K and other filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at: http://www.sec.gov. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

Additional Information About the Acquisition and Where To Find It

 

The Company intends to file with the SEC a proxy statement in connection with the proposed acquisition of Dogehash and will mail a definitive proxy statement and other relevant documents to the Company’s stockholders. The closing of the acquisition is conditioned upon the Company obtaining the required stockholder approvals, Nasdaq approval, receipt of a fairness opinion by the Company and customary closing conditions.

 

The Company’s stockholders and other interested persons are advised to read, when available, the proxy statement, and amendments thereto, and the other relevant documents filed with the SEC in connection with the Company’s solicitation of proxies for its stockholders’ special meeting to be held to approve the transactions because the proxy statement will contain important information about the Company, Dogehash and the transactions contemplated thereby. The definitive proxy statement will be mailed to stockholders of the Company as of a record date to be established for voting on the transactions. Investors may obtain a free copy of the proxy statement (if and when it becomes available) and other relevant documents filed by the Company with the SEC at the SEC’s website at www.sec.gov. Stockholders of the Company will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Thumzup Media Corporation, 10557-B Jefferson Blvd., Culver City, CA, Attention: Investor Relations.

 

Participants in the Solicitation Legend

 

The Company, Dogehash, and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the stockholders of the Company and Dogehash in connection with the proposed transaction. Information about the directors and executive officers of the Company is set forth in its Amendment No. 1 to its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on April 30, 2025. Additional information regarding the participants in the proxy solicitation, including the Company and Dogehash directors and officers, and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement and other relevant materials filed with the SEC regarding the acquisition when available. Each of these documents is, or will be, available at the SEC’s website or by directing a request to Thumzup as described above under “Additional Information About the Acquisition and Where to Find It.”

  

-3-

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: September 30, 2025 THUMZUP MEDIA CORPORATION
     
  By: /s/ Robert Steele
  Name: Robert Steele
  Title: Chief Executive Officer

 

-4-

FAQ

What did Thumzup Media (TZUP) disclose in this 8-K filing?

Thumzup Media disclosed that it entered into a $2.5 million secured loan to Dogehash Technologies, Inc. and its subsidiary, along with related Security and Subordination Agreements, and provided information about its pending acquisition of Dogehash and the planned proxy statement.

How much did Thumzup Media (TZUP) loan to Dogehash and on what interest rate?

Thumzup loaned $2.5 million to Dogehash Technologies, Inc. and USDE Acquisition, Inc. under a secured promissory note that accrues interest at 8% per annum.

When does the Dogehash loan to Thumzup Media mature?

The loan matures on the earliest of September 22, 2026, the date Thumzup completes the acquisition of Dogehash under the August 18, 2025 merger agreement, or the date that merger agreement is terminated pursuant to its terms.

How is Thumzup’s $2.5 million loan to Dogehash secured?

The obligations under the note are secured by Collateral defined in a Security Agreement, which grants Thumzup a first‑priority lien and security interest in that collateral, including profits interests.

What is the purpose of the Subordination Agreement mentioned by Thumzup Media (TZUP)?

Under the Subordination Agreement, a secured lender and Dogehash agreed that any security interest of that lender (and any other lender with a security interest in Debtor assets, if any) in the Debtor’s assets will be subordinated to Thumzup’s senior security interest in the specified collateral.

What conditions must be satisfied for Thumzup’s proposed acquisition of Dogehash to close?

The closing of the Dogehash acquisition is conditioned on the Company obtaining required stockholder approvals, Nasdaq approval, receipt of a fairness opinion, and other customary closing conditions described in the disclosure.

Will Thumzup Media (TZUP) provide more information about the Dogehash acquisition to shareholders?

Yes. Thumzup intends to file a proxy statement with the SEC regarding the proposed Dogehash acquisition and to mail a definitive proxy statement and other relevant documents to its stockholders, who will be able to obtain these materials for free via the SEC’s website or by requesting them from the Company.