SecureTech Innovations: enters $10,000,000 convertible note agreement

What happened SecureTech Innovations filed an 8-K reporting that on Oct 16, 2026 it entered into a Securities Purchase Agreement with Hinterland Partners LLC and issued to the Holder a convertible promissory note structured as a master note with an aggregate principal amount of up to $10,000,000. The Holder funded the first Tranche on the Closing Date with a purchase price of $350,000 and a principal amount of $388,888.89.

Key details

• Amounts and structure: Note may be funded in separate Tranches up to an aggregate principal amount of $10,000,000; only the First Tranche was funded on Oct 16, 2026 (purchase price $350,000; principal $388,888.89).
• Proceeds and fees: From the First Tranche purchase price of $350,000, SecureTech received net proceeds of $293,000 after payment of a $24,500 placement agent fee, $10,000 for the Holder’s legal fees and due diligence, and $22,500 for the Holder’s legal fees and due diligence relating to a separate potential financing.
• Interest, maturity and prepayment: Each Tranche bears a one-time interest charge equal to 6% of its principal amount (up to $600,000 aggregate); the First Tranche interest charge is $23,333.33. Each Tranche matures 12 months after its funding date (First Tranche matures Oct 16, 2027). SecureTech may prepay a Tranche within 180 days of funding by paying up to 99.9% of outstanding principal plus accrued and unpaid interest with three trading days’ prior written notice.
• Conversion and ownership limits: Beginning on the earlier of 180 days after a Tranche funding or an event of default, the Holder may convert outstanding principal and interest of that Tranche into Common Stock at a conversion price equal to 60% of the lowest traded price of the Common Stock during the 15 trading days immediately preceding conversion; the Holder may deduct $1,500 per conversion and may not convert to the extent it would beneficially own more than 4.99% of the outstanding Common Stock after conversion.

Why it may matter This Item 1.01 filing reports the entry into a material definitive agreement (the Securities Purchase Agreement) and the Master Promissory Note that set forth the financing terms, including funding mechanics, interest, maturity, conversion features, prepayment rights, fees and net proceeds. A filing does not show why the insider traded or why the company acted.