VSee Health Taps $180,550 Convertible Note with 35% Discount Conversion
VSEED has more than doubled off its 52-week low of $0.416 on light trading volume (0.2× avg).
Summary
VSee Health drew an additional $180,550 convertible note from Vanquish Funding Group, with a 35% discount conversion feature that activates only upon default. The note adds to an existing $295,550 facility and carries mandatory monthly payments beginning March 2027.
Key Events · Financing and Capital Events · VSEED
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Additional $180,550 Convertible Note Issued
On September 24, 2026, VSee Health issued an additional unsecured convertible promissory note to Vanquish Funding Group in the aggregate principal amount of $180,550, including a $23,550 original issue discount. This is the second tranche under the June 18, 2026 Vanquish SPA, which permits up to $2,050,000 in additional financings.
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35% Discount Conversion Feature
The note converts at 65% of the lowest closing bid price over the 10 trading days prior to conversion notice — a 35% discount to market. Conversion is exercisable solely upon an Event of Default, with a 4.99% beneficial ownership blocker that cannot be waived.
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Mandatory Payments Total $202,216
The note carries a one-time 12% interest charge ($21,666) applied at issuance, with five mandatory monthly payments beginning March 30, 2027: $101,108, then four payments of $25,277 each, totaling $202,216. A missed payment constitutes an Event of Default.
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Reserved Share Requirement Creates Overhang
The company must reserve six times the number of shares issuable upon full conversion of the note. Failure to maintain this Reserved Amount is an Event of Default, creating a significant potential overhang on the authorized share pool.
Analysis · VSEED · Industrial Applications And Services
An additional $180,550 tranche has been drawn under the existing Vanquish financing agreement, lifting total convertible note exposure to roughly $476,100. The new note carries a 12% upfront interest charge and mandatory monthly payments totaling $202,216 starting March 2027. The conversion feature is the key risk: upon any Event of Default, Vanquish can convert at 65% of the lowest closing bid price over the prior 10 trading days — a 35% discount to market. With the stock trading at $2.25 and a market cap near $1.6 million, even a modest default could trigger highly dilutive conversion at deeply discounted prices. The note also requires the company to reserve six times the shares issuable upon full conversion, creating a significant overhang on the authorized share pool.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 34.9% of the 1009 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.52%. 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, VSEED was trading at $2.25 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $1.6M. The 52-week trading range was $0.42 to $201.60. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.