2026-04-02 15:14:19
Trans American Aquaculture, Inc. Enters Securities Purchase Agreement for $59,000
Expected Stock impact: Slightly Positive
On April 2, 2026, Trans American Aquaculture, Inc. (the 'Company') filed an 8-K report detailing its entry into a Securities Purchase Agreement (SPA) with GHS Investments LLC. Under the terms of the SPA, the Company agreed to sell 59 shares of Series D Preferred Stock at a price of $1,000 per share, totaling $59,000. Additionally, GHS will receive $3,000 in legal fees, which may be compensated in cash or shares of Series D Preferred Stock. Each share of Series D Preferred Stock has a stated value of $1,200. At the initial closing on March 26, 2026, GHS purchased the shares and was issued six additional shares as commitment shares. The agreement allows for the potential sale of up to 13 more shares of Series D Preferred Stock at the same price, contingent upon the Company filing its Annual Report on Form 10-K for the fiscal year ending December 31, 2025, and meeting certain equity conditions. The Series D Preferred Stock accrues dividends at an annual rate of 8%, payable quarterly in cash or additional shares at the Company's discretion. Furthermore, GHS will receive warrants to purchase shares of the Company's Common Stock equal to 50% of the number of shares convertible from the Series D Preferred Stock, with an exercise price set at 115% of the closing bid price on the trading day prior to each issuance. At the initial closing, GHS was granted a warrant to purchase up to 243,750,000 shares of Common Stock at an exercise price of $0.000161 per share, expiring on March 26, 2031. This transaction is expected to enhance the Company's liquidity position, although it may lead to dilution for existing shareholders due to the issuance of new shares and warrants.
