Daktronics Announces Intention to Convert $25 Million Convertible Promissory Note into Common Stock
On May 11, 2023, Alta Fox purchased from Daktronics $25,000,000 in Convertible Notes, due on May 11, 2027. The Notes bear interest at a rate of 9% per annum.
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Daktronics intends to convert $25M convertible promissory note into common stock
The Company intends to convert the remainder of the Convertible Note over the next several months, in tranches of up to $7 million in face value every 30 days, as provided for in the Convertible Note.