Edgemode Raises $100K via Toxic Convertible Note with 39% Discount Feature
EDGM has more than doubled off its 52-week low of $0 on elevated volume (3.0× avg).
Summary
Edgemode has secured $100,000 in net proceeds through an unsecured OID note from Vanquish Funding Group, carrying a $129,600 face value and a 15% upfront interest charge. The note converts only upon default at a steep 61% of the lowest closing price over 20 days, a deeply dilutive structure for a company with a $13M market cap and just $35K in cash. This follows a series of non-binding deals and a Q1 with zero revenue and a $5.65M loss, underscoring the desperate need for working capital. The toxic terms signal high risk for existing shareholders if the company stumbles.
At the time of this announcement, EDGM was trading at $0.00 on OTC in the Technology sector, with a market capitalization of approximately $12.9M. The 52-week trading range was $0.00 to $0.11. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.