Black Titan Completes Conversion of Outstanding Convertible Note

Black Titan Corporation (NASDAQ:BTTC) has completed the conversion of its outstanding convertible note, which was issued to an institutional investor in January this year. The company announced on September 2 that the senior unsecured convertible note had been converted into ordinary shares, with a total of 2,924,082 shares being issued.

The Note, which was originally worth $1,515,000 including fees, had a purchase price of $1,350,000 and reflected a 10% original issue discount. It was issued under the Securities Purchase Agreement between the Company and the institutional investor, allowing for up to $200,000,000 in aggregate principal amount.

The conversion process began in May and concluded on August 20, with no remaining obligations or outstanding amounts. 'The Note has been fully converted and satisfied in accordance with its terms,' said Brynner Chiam, Co-CEO of Black Titan Corporation.