Entry into a Material Definitive Agreement · Unregistered Sales of Equity Securities
Item 1.01 Entry into a Material Definitive Agreement. On August 3, 2026, HyOrc Corporation (the “Company”) entered into separate Securities Purchase Agreements with Jefferson Street Capital LLC (“Jefferson”) and Lambda Ventures LLC (“Lambda”), pursuant to which the Company issued convertible promissory notes to each investor in the principal amount of $35,100, for an aggregate principal amount of…
Filed Aug 10, 2026Accepted Aug 10, 2026, 11:49 AM EDTCIK 1070789Accession 0001493152-26-036791
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Item 1.01Item 1.01 - Entry into Material Agreement
Item
1.01 Entry into a Material Definitive Agreement.
On
August 3, 2026, HyOrc Corporation (the “Company”) entered into separate Securities Purchase Agreements with Jefferson Street
Capital LLC (“Jefferson”) and Lambda Ventures LLC (“Lambda”), pursuant to which the Company issued convertible
promissory notes to each investor in the principal amount of $35,100, for an aggregate principal amount of $70,200 (collectively, the
“Notes”).
Each
Note was issued for a purchase price of $32,500 and includes an original issue discount of $2,600. Each Note carries a one-time interest
charge of twelve percent (12%) of the principal amount and matures twelve months from its respective issue date.
Beginning
six months following the issue date, each holder has the right to convert all or a portion of the outstanding principal and interest
under its Note into shares of the Company’s common stock at a conversion price equal to 77% of the lowest traded price of the Company’s
common stock on the Principal Market during the fifteen trading days preceding the applicable conversion date, subject to the adjustments
and beneficial ownership limitations contained in the Notes.
In
connection with the issuance of the Notes, the Company agreed to issue 125,000 restricted shares of common stock to each investor as
commitment shares, for an aggregate of 250,000 shares. If the applicable Note is fully satisfied on or before six months following its
issue date, the commitment shares issued in connection with that Note are required to be cancelled. If the applicable Note has not been
fully satisfied by that date, the commitment shares cease to be subject to cancellation.
Also
on August 3, 2026, the Company entered into an Equity Purchase Agreement (the “Equity Purchase Agreement”) with Lambda pursuant
to which Lambda committed, subject to the terms and conditions of the Equity Purchase Agreement, to purchase up to an aggregate of $7,500,000 of
shares of the Company’s common stock during the commitment period.
Under
the Equity Purchase Agreement, the Company has the right, but not the obligation, from time to time to direct Lambda to purchase shares
of the Company’s common stock by delivering a Put Notice. Each Put is generally subject to a minimum amount of $2,500 and a maximum
amount equal to the lesser of $500,000 or 200% of the applicable average daily trading value, subject to the other limitations and conditions
contained in the Equity Purchase Agreement.
The
purchase price for shares sold pursuant to a Put is determined pursuant to the pricing formula contained in the Equity Purchase Agreement
and is generally based on 80% of the applicable market price determined in accordance with the agreement. The Company controls the timing
of any Put, subject to satisfaction of the conditions contained in the Equity Purchase Agreement.
In
consideration for Lambda entering into the Equity Purchase Agreement, the Company agreed to issue Lambda 750,000 shares of common
stock as Initial Commitment Shares.
In
connection with the Equity Purchase Agreement, the Company and Lambda also entered into a Registration Rights Agreement dated August
3, 2026, pursuant to which the Company agreed to register for resale the shares issuable under the Equity Purchase Agreement, including
the Put Shares and Commitment Shares.
The
foregoing descriptions of the Securities Purchase Agreements, Notes, Equity Purchase Agreement and Registration Rights Agreement do not
purport to be complete and are qualified in their entirety by reference to the full text of such agreements, which are filed as exhibits
to this Current Report on Form 8-K and incorporated herein by reference.
Item 3.02Item 3.02 - Unregistered Sales of Equity
Item
3.02 Unregistered Sales of Equity Securities.
The
securities issued or issuable pursuant to the Securities Purchase Agreements and the Equity Purchase Agreement described in Item 1.01
above were offered and sold in transactions exempt from registration under the Securities Act of 1933, as amended, in reliance upon Section
4(a)(2) thereof and Rule 506(b) of Regulation D promulgated thereunder.
The
investors represented to the Company that they are accredited investors, and the securities were offered and sold without any general
solicitation or general advertising.
The
information contained in Item 1.01 of this Current Report is incorporated by reference into this Item 3.02.