04/02/2026 | Press release | Distributed by Public on 04/02/2026 13:02
| Item 1.01. | Entry into a Material Definitive Agreement. |
On or about March 5, 2026, effective as of January 1, 2026, Wytec International, Inc., a Nevada corporation ("Wytec"), entered into amendments (the "Amendments") with 11 of its noteholders. The Amendments (i) extend the maturity date of, and (ii) waive any default with respect to, $490,000 of outstanding 9.5% secured convertible promissory notes (including $125,000 in principal amount of such notes held by Christopher Stuart, a director of Wytec) and $50,000 of outstanding unsecured convertible promissory notes (collectively, the "Notes"), from December 31, 2025 to December 31, 2026.
In consideration for the maturity date extension, Wytec agreed to (a) extend the expiration date of the warrants issuable upon the optional conversion of the Notes from December 31, 2025 to December 31, 2026 and (b) adjust the exercise price per share of such warrants from the greater of $5.00 or 85% of the 10-day moving average of Wytec's public trading price (if Wytec's securities are trading on the NASDAQ Capital Market) to $1.50, provided, that 10 days after Wytec's common stock commences trading on the NASDAQ Capital Market or equivalent or higher public securities trading market, the exercise price will be the greater of (i) $1.50 or (ii) 85% of the 10-day moving average of Wytec's public trading price as quoted on the public securities trading market on which Wytec's common stock is then traded with the highest volume.
Copies of the form of amendment to secured convertible promissory note and the form of amendment to convertible promissory note are attached to this Report as Exhibits 10.1 and 10.2, respectively.
SECTION 2. FINANCIAL INFORMATION
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 is incorporated herein by reference.
SECTION 3. SECURITIES AND TRADING MARKETS
| Item 3.03. | Material Modification to Rights of Security Holders. |
The information set forth in Item 1.01 is incorporated herein by reference.
SECTION 9. FINANCIAL STATEMENTS, PRO FORMA FINANCIALS & EXHIBITS