SKYX Platforms Corp. 8-K

What Happened SKYX Platforms Corp. filed an 8-K (Jan 2, 2026) reporting that a member of its Board of Directors converted $835,900 — representing the full principal plus accrued and unpaid interest under a Subordinated Convertible Balloon Promissory Note issued Nov 3, 2020 — into shares of the company’s common stock on December 31, 2025. On December 30, 2025, the company and the holder executed an amendment to that note (effective as of the note’s original maturity date) that modified certain terms.

Key Details

• Conversion amount: $835,900 (full principal plus accrued/unpaid interest through 2020), converted into common stock on Dec 31, 2025.
• Note Amendment (dated Dec 30, 2025): extends maturity to May 1, 2027; increases interest rate to 10.0% per year; sets conversion price at $2.20 per share.
• No other terms of the original note were changed. The amendment is filed as Exhibit 10.1 to the 8-K.
• The filing also includes Item 3.02 disclosures regarding unregistered sales of equity securities related to the transaction.

Why It Matters This transaction reduces the company’s debt by converting a creditor claim (held by a director) into equity, which can lower near-term cash interest obligations but dilutes existing shareholders depending on the number of shares issued (the filing does not state the exact share count). The amendment’s higher 10% interest rate and extended maturity to May 1, 2027 change the note’s future cost and timing if any balance remained; in this case the full balance was converted. Investors should watch subsequent filings (including the Item 3.02 disclosure and any changes to outstanding share count) for details on dilution and capitalization.