aibioCitrine Global (now Skytech Orion Global) converts partnership loans into shares at $0.01
Tickers SKTG
The company also agreed to sell units to Deer Light Ltd. for $137,000 and has received about $120,000 so far.
Key facts
- Company
- SKYTECH ORION GLOBAL CORP. (OTC: SKTG)
- News type
- Financings
- Primary source
- SKYTECH ORION GLOBAL CORP. 8-K (2025-01-10)
Citrine Global, Corp. (now Skytech Orion Global Corp.) converted loans from three Israeli partnerships into common stock and agreed to sell new units to an investor, according to a filing dated January 10, 2025.
Between April 2020 and September 2022, the company received advances of $1,880,000 in principal from Citrine High Tech 7 LP, Citrine 8 LP and Citrine 9 LP. On December 31, 2024, the partnerships agreed to convert the outstanding principal into shares at $0.01 per share. Each also received warrants for the same number of shares at an exercise price of $0.01.
LP 9 converted $1,108,741 into 110,874,100 shares. LP 8 converted $410,234 into 41,023,400 shares, and LP 7 converted $245,131 into 24,513,100 shares. Accrued interest will be repaid once the company has raised gross proceeds of at least $5 million.
Separately, on January 7, 2025, Deer Light Ltd. agreed to buy units, each made up of one share and one warrant, at $0.01 per unit, for an aggregate of $137,000 due by March 15, 2025. The company had received approximately $120,000 at the time of the filing. It plans to use part of the money to prepare its required periodic filings. The company said the prices reflect a significant premium to the market price of its stock.