UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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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:
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)) |
Securities registered pursuant to Section 12(b) of the Act:
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The | Stock Market LLC||||
The |
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.
Item 1.01 | Entry into a Material Definitive Agreement. |
The information set forth in Item 8.01 of this Current Report on Form 8-K (this “Current Report”) is incorporated herein by reference.
Item 8.01 | Other Events |
As previously disclosed, on December 19, 2023, the MultiSensor AI Holdings, Inc. (the “Company”) issued certain convertible notes with an aggregate principal balance of $6.805 million (the “Notes”), of which $6.555 million of such Notes have previously elected to be converted into shares of the Company’s common stock (“Common Stock”). On May 10, 2024, the Company entered into an agreement with a certain Note holder with an aggregate principal balance of $250,000 (the “Amended Note”) in order to amend the conversion price of the principal amount of the Amended Note to $5.00 per share of Common Stock, and to amend the conversion price of the interest amount of the Amended Note to $10.00 per share of Common Stock (the “Note Amendment”). In connection with the Note Amendment, the holder of the Amended Note elected to convert the Amended Note into shares of Common Stock effective as of May 10, 2024. On May 10, 2024, the Company issued 50,882 shares of Common Stock pursuant to conversion of the Amended Note.
Such description is qualified in its entirety by the full text of the Form of Note Amendment, which is included as Exhibit 10.1 to this Current Report and is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit |
Description | |
10.1 | Form of Note Amendment | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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 hereunto duly authorized.
MultiSensor AI Holdings, Inc. | ||
Date: May 10, 2024 | By: | /s/ Peter Baird |
Name: | Peter Baird | |
Title: | Chief Financial Officer |
Exhibit 10.1
AMENDMENT TO
CONVERTIBLE PROMISSORY NOTE
AND
NOTICE OF CONVERSION
May 10, 2024
THIS AMENDMENT AND NOTICE OF CONVERSION to the Convertible Promissory Note, dated as of December 19, 2023 (the “Note”), by and among MultiSensor AI Holdings, a Delaware corporation (f/k/a SportsMap Tech Acquisition Corp., the “Company”), and the undersigned Note holder, is effective as of the date first written above (this “Amendment”). Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Note.
WHEREAS, Section 11(b) of the Note provides that the Note may be amended by a written agreement executed by each of the Company and Holder;
WHEREAS, the Company and Holder desire to amend the Note as set forth in this Amendment;
WHEREAS, this Notice of Conversion is being delivered pursuant to Section 4(a) of the Note;
WHEREAS, the Board of Directors of the Company has approved the amendment of the Note to adjust the conversion price of the Note set forth in Section 4(b) of the Note in order to incentivize Noteholders to convert;
and
In consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Amendment.
a) | The definition of “Interest Conversion Rate” in section 1 of the Note shall be amended and restated as follows: “Interest Conversion Rate” means $10.00 per share.” |
b) | Section 4(b) of the Note is hereby amended and restated as follows: “(b) Conversion Price. The conversion price in effect on any Conversion Date shall be equal to $5.00 per share, subject to adjustment herein (the “Conversion Price”).” |
2. Notice of Conversion
The undersigned hereby elects to convert principal under the Note, into shares of common stock, par value $0.0001 (the “Common Stock”), of the Company according to the conditions hereof, as of the date written below. If Common Stock is to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any.
By the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common Stock does not exceed the amounts specified under Section 4(d) of the Note, as determined in accordance with Section 13(d) of the Exchange Act.
The undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer of the aforesaid Common Stock.
Company: | ||
MULTISENSOR AI HOLDINGS, INC. | ||
By: | ||
Name: | ||
Title: | ||
Holder: | ||
[Name] |
Conversion calculations:
Date to Effect Conversion: May 10, 2024 | |
Principal Amount of Note to be Converted: $[ ] | |
Payment of Interest in Common Stock X yes __ no | |
If yes, $[ ] of Interest Accrued on Account of Conversion at Issue. | |
Number of Shares of Common Stock to be issued: [ ] |
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