Core Viewpoint - The U.S. market, along with North America, is projected to be the fastest-growing pesticides market globally from 2024 to 2034, as reported by Precedence Research. Jeffs' Brands Ltd aims to leverage this growth by expanding its operations into the U.S. market following the success of Fort Products Ltd in the U.K. market [1]. Company Summary - Jeffs' Brands Ltd has issued a non-recourse convertible promissory note worth $2,850,000 to an institutional investor, with net proceeds of $2,565,000 intended for working capital, general corporate purposes, and potential acquisitions [1][2]. - The note carries a 10% original issue discount and is set to be repaid in one payment on the 18-month anniversary of its issuance, with an annual interest rate of 8%, increasing to 18% upon default [2]. - The note is convertible into ordinary shares at a conversion price of $2.80984 or 95% of the lowest daily volume weighted average price during the preceding 20 trading days [2]. - A warrant to purchase up to 760,720 ordinary shares was issued alongside the note, representing 75% coverage of the shares issuable upon conversion [3]. Industry Summary - The pesticides market in North America is expected to experience significant growth, with the U.S. leading this trend during the forecast period of 2024 to 2034 [1].
Jeffs' Brands Issues a $2.85 Million Non-Recourse Convertible Promissory Note to Leverage Fort Products' U.K. Success and Expansion to the U.S.