Data443 Retains Advisor for De-SPAC Merger, Issues CEO Super-Voting Shares and $1M Note
ATDS has more than doubled off its 52-week low of $0 on light trading volume (0.2× avg).
Summary
Data443 disclosed a financial advisory agreement for its de-SPAC merger, featuring a $1M note, equity fees, and super-voting preferred shares for CEO Jason Remillard, who controls both sides of the deal.
Key Events · M&A and Partnerships · ATDS
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Advisory Agreement for De-SPAC Merger
Data443 engaged Margaret Z. Holdings as financial advisor for its proposed business combination with Four Leaf Acquisition Corporation (FORL), a SPAC also led by CEO Jason Remillard.
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$1M Promissory Note with Conversion Feature
A $1 million note payable within 90 days of deal close, bearing 15% default interest; if unpaid after 12 months, Margaret can convert the balance into PubCo shares at 80% of the 20-day VWAP, subject to a floor and a 19.99% cap.
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CEO Receives Super-Voting Preferred Shares
CEO Jason Remillard will receive 3 million Class B Preferred Shares with 15 votes per share, convertible to common at 10:1, expiring after 36 months—concentrating voting power post-merger.
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30M Data443 Shares Allocated to Advisor from CEO
As part of the deal, 30 million Data443 common shares held by Remillard will be transferred to Margaret, with 1.5 million FORL nominee shares issued to Margaret on Remillard's behalf, proceeds remitted to him.
Analysis · ATDS · Technology
To advance its proposed de-SPAC merger with Four Leaf Acquisition Corp., Data443 Risk Mitigation has entered a financial advisory agreement with Margaret Z. Holdings. The compensation package includes a $1 million promissory note, 1.2 million PubCo shares as an equity fee, and a retention bonus tied to trust proceeds. Notably, CEO Jason Remillard—who controls both Data443 and the SPAC—stands to receive 3 million super-voting Class B preferred shares and 1.5 million FORL nominee shares, while 30 million of his Data443 shares are allocated to the advisor. These related-party terms concentrate control and pose significant dilution risk for public shareholders if the merger closes.
At the time of this filing, ATDS was trading at $0.00 on OTC in the Technology sector, with a market capitalization of approximately $262.7K. The 52-week trading range was $0.00 to $0.00. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.