IGC Pharma raises $514k via convertible notes with 25% discount conversion upon default

Filed April 20, 2026 · Period ending April 14, 2026 · ~1 min read

Key Changes

• high

  IGC issued two promissory notes totaling $585k principal ($514k net after discounts) to FirstFire and Vanquish, maturing in 2027 with 12% interest. If IGC defaults, holders can convert debt to stock at 75% of the lowest price over prior 10 trading days—a 25% discount that could trigger significant dilution.

  Item 1.01 verify on EDGAR →
• medium

  Conversion is capped at 4.99% ownership per holder and 19.99% of total shares outstanding without shareholder approval per NYSE American rules. These limits reduce immediate dilution risk but don't eliminate it if defaults occur over time.

  Item 1.01 verify on EDGAR →
• medium

  The $514k net proceeds will fund general working capital, suggesting IGC needed near-term liquidity for operations. The notes carry original issue discounts totaling $71k (12% of gross proceeds).

  Item 1.01 verify on EDGAR →