SS Innovations Secures $20M via Secured Convertible Note with Variable-Price Conversion
SSII is trading near its 52-week low of $2.57 (2.9% above the low).
Summary
SS Innovations raised $20M through a secured convertible note with variable-price conversion at 95% of market, no floor, and 8.75% interest. The structure is highly dilutive, especially with the stock near 52-week lows.
Key Events · Financing and Capital Events · SSII
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$20M Secured Convertible Note Issued
SS Innovations issued a $21,025,000 secured convertible promissory note to Growth Capital Partners, LLC for $20,000,000 in cash. The $1,025,000 difference represents original issue discount of $1,000,000 and $25,000 in transaction expenses.
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Variable Conversion at 95% of Market Price
The note converts at 95% of the lower of the prior-day VWAP or 5-day average VWAP, with no floor on the conversion price. Daily conversions are limited to the greater of $50,000 or 10% of daily dollar trading volume.
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8.75% Interest and Make-Whole Provisions
The note bears 8.75% annual interest compounded daily and matures in 36 months. Make-Whole Interest requires payment of all remaining interest that would have accrued through maturity on any converted, redeemed, or prepaid amount.
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IP and Assets Pledged as Collateral
The note is secured by the company's intellectual property held by SSI IP Holdings and the assets of the company and SS IP, including equity interests in subsidiaries. The Indian operating subsidiary SSI-India is excluded from collateral.
Analysis · SSII · Industrial Applications And Services
SS Innovations secured $20 million in cash through a secured convertible note with Growth Capital Partners, but the terms are heavily dilutive. The note converts at 95% of the lower of the prior-day VWAP or 5-day average VWAP, with no floor on the conversion price. As the stock trades near its 52-week low of $2.57, the investor can convert at ever-lower prices, increasing share count as the stock falls. The note carries an 8.75% interest rate compounded daily, make-whole interest provisions, and trigger events that can increase the outstanding balance by up to 15% per event. The company's intellectual property and subsidiary assets are pledged as collateral, though the Indian operating subsidiary is excluded. This financing provides runway for a company with going-concern doubts, but the variable conversion structure creates significant overhang and potential for accelerating dilution.
How filings like this one have moved
In the 30 days to Oct 10, 2026, 35.9% of the 1032 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.55%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SSII was trading at $2.65 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $530.3M. The 52-week trading range was $2.57 to $10.00. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.