Virtuix restructures $3.3M debt with Streeterville, granting lender equity conversion rights

Filed May 29, 2026 · Period ending May 22, 2026 · ~1 min read

Key Changes

• high

  Exchanged $3.3M in secured convertible notes for new $3.5M unsecured Pre-Paid Purchase instrument with Streeterville Capital, bearing 6% daily compounded interest and steep prepayment penalties (105-120%).

  Item 1.01 verify on EDGAR →
• high

  Granted Streeterville discretionary rights to convert debt to equity at fixed price (subject to downward adjustment after trigger events), potentially diluting existing shareholders as lender controls conversion timing.

  Item 1.01 verify on EDGAR →
• high

  New instrument includes harsh default provisions: 7.5% balance increase, 15% default interest rate, and immediate acceleration rights if company fails to meet obligations.

  Item 1.01 verify on EDGAR →