4//SEC Filing
LoRicco Ronald Joseph Sr. 4
Accession 0001553350-20-000330
CIK 0001448705other
Filed
Apr 14, 8:00 PM ET
Accepted
Apr 15, 4:32 PM ET
Size
10.7 KB
Accession
0001553350-20-000330
Insider Transaction Report
Form 4
BASANITE, INC.BASA
LoRicco Ronald Joseph Sr.
Director10% Owner
Transactions
- Other
Convertible Promissory Note
2020-04-13$150000.00/sh(indirect: See footnote)From: 2020-06-05→ Common Stock - Other
Demand Note
2020-04-13$50000.00/sh(indirect: See footnote)From: 2020-06-05→ Common Stock
Footnotes (6)
- [F1]After June 5, 2020, the Reporting Person may convert all or a portion of this Convertible Promissory Note (including interest) into shares of the Issuer's common stock at a conversion rate equal to 80% of the closing price of the Issuer's common stock at such time. The Issuer may force a conversion upon the maturity at a conversion rate equal to 80% of the closing price of the Issuer's common stock on June 5, 2020. If the Reporting Person elects to convert or if the Issuer forces a conversion at maturity, the Reporting Person will be issued a warrant to purchase the same number of shares of the Issuer's common stock for which the Reporting Person converted at an exercise price equal to three times the conversion price. In the event the warrants are issued, the Issuer shall have the right to require the Reporting Person to exercise if the Issuer's trading price exceeds 150% of the exercise price for twenty consecutive days.
- [F2]This Convertible Promissory Note accrues interest at 12% per annum and has a maturity date of October 13, 2020.
- [F3]After June 5, 2020, the Reporting Person may convert all or a portion of this Demand Note (including interest) into shares of the Issuer's common stock at a conversion rate equal to 80% of the closing price of the Issuer's common stock at such time. The Issuer may force a conversion upon the maturity at a conversion rate equal to 80% of the closing price of the Issuer's common stock on June 5, 2020. If the Reporting Person elects to convert or if the Issuer forces a conversion at maturity, the Reporting Person will be issued a warrant to purchase the same number of shares of the Issuer's common stock for which the Reporting Person converted at an exercise price equal to three times the conversion price. In the event the warrants are issued, the Issuer shall have the right to require the Reporting Person to exercise if the Issuer's trading price exceeds 150% of the exercise price for twenty consecutive days.
- [F4]This Demand Note was originally issued on January 16, 2020 without a conversion feature but was amended on April 13, 2020 to include the conversion feature described in Footnote 3 above. This Demand Note accrues interest at 10% per annum and has a maturity date of July 16, 2020.
- [F5]The Convertible Promissory Note is held in the name of RVRM Holdings LLC, which is controlled by the Reporting Person.
- [F6]The Demand Note is held in the name of First New Haven Mortgage Company, which is controlled by the Reporting Person.
Documents
Issuer
BASANITE, INC.
CIK 0001448705
Entity typeother
Related Parties
1- filerCIK 0001699571
Filing Metadata
- Form type
- 4
- Filed
- Apr 14, 8:00 PM ET
- Accepted
- Apr 15, 4:32 PM ET
- Size
- 10.7 KB