Linkage Global Swaps $1.7M Note for New Convertible With $1.50 Price and $0.208 Floor
UZX sits 52% above its 52-week low of $0.751 on light trading volume (0.1× avg).
Summary
Linkage Global swapped its $1.7 million July 2025 convertible note for a new note with the same principal but a $1.50 conversion price that resets to a 90%-of-VWAP formula down to a $0.208 floor. No new cash was raised — this is a debt restructuring that keeps the dilution overhang alive.
Key Events · Financing and Capital Events · UZX
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Note Exchanged, No New Cash
The July 17, 2025 senior unsecured convertible note was exchanged for a new $1.7 million note under Section 3(a)(9); the company received no new proceeds and the original note was cancelled.
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Conversion Price Resets to VWAP Formula
The new note converts at $1.50 per share, but resets every six months to the greater of the $0.208 floor and 90% of the lowest 10-day VWAP — with the stock at $1.14, the reset formula, not the stated price, will set the effective conversion rate.
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110% Conversion Amount and 10% Coupon
Conversions are priced at 110% of principal plus accrued interest and late charges; interest accrues at 10% (18% on default) and matures October 14, 2028.
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10 Million Shares Reserved for Conversion
The transfer agent was instructed to reserve 10,000,000 shares initially, rising to 200% of the floor-price share count once shareholders approve an increase in authorized capital.
Analysis · UZX · Trade & Services
Linkage Global exchanged its July 2025 convertible note for a new $1.7 million note on identical principal — no new cash came in, so this is a restructuring of existing debt rather than a fresh raise. What changed is the conversion mechanics: the new note converts at $1.50 per share but resets every six months to the lower of that price or 90% of the 10-day VWAP, bounded by a $0.208 floor. With the stock at $1.14, the $1.50 conversion price is above market, so the reset formula — not the stated price — will govern what holders actually receive, and the 110% conversion amount means the company repays 10% more principal in shares than it owes in cash. The holder is capped at 4.99% ownership, but the company must reserve 200% of the floor-price share count, and the transfer agent has been told to reserve 10 million shares up front. This stacks on top of the $16 million ATM opened in July and the pending $20 million PIPE LOI, so the dilution overhang keeps building even though this particular filing adds no new cash.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.5% of the 1545 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. 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, UZX was trading at $1.14 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $4M. The 52-week trading range was $0.75 to $71.30. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.