Lytus Technologies Holdings Private Limited (LYT) has released an update.
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Lytus Technologies Holdings Ptv. Ltd. has issued a senior secured promissory note that remains unregistered under the Securities Act of 1933 and state securities laws, and is subject to certain restrictions on sale and transfer. The note carries a 6% interest rate and a 12-month maturity, with a default interest rate capped at the lesser of 18% per annum or the maximum legal rate. Additionally, the note includes conversion rights allowing the holder to convert unpaid principal and interest into shares of the company’s common stock under specified conditions.
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