Newton Golf Company (NASDAQ: NWTG) completed an additional closing under its securities purchase agreement on June 26, 2026, issuing a convertible promissory note with a principal amount of $200,000 and a warrant to purchase 20,000 shares of common stock, receiving $200,000 in cash proceeds.

The purchase agreement was originally entered into on March 16, 2026, with the company authorized to issue unsecured convertible notes totaling up to $3,000,000 in aggregate funded amount, along with warrants to purchase up to 300,000 shares of common stock at an exercise price of $1.75 per share.

As of June 26, 2026, the company has issued convertible notes with an aggregate principal amount of $2,050,000 and warrants to purchase up to 205,000 shares. The company remains authorized to issue an additional $750,000 in convertible notes and warrants for up to 75,000 shares.

The convertible notes mature 18 months from the date of issuance and carry an annual interest rate of 10%, paid in kind. Outstanding principal and accrued interest convert into common stock at $1.60 per share at or near maturity. The company may also elect early conversion if its stock closes at or above $3.00 per share for 10 consecutive trading days. The notes are repayable at any time without penalty prior to maturity. A default interest rate of 20% per annum applies upon an event of default.

Warrants issued under the agreement expire five years from the date of issuance. The company has agreed to use commercially reasonable efforts to register the resale of conversion shares and warrant shares with the Securities and Exchange Commission.