IGC 8-K SEC Filing Analysis

Latest settled — T+20d

IGC ▼ -9.38% at T+20d

SHORT call ✓ call won +9.38% · α vs SPY +14.29% · entry $0.3200 → $0.2900

Next anchor: T+60d in 8w

Currently $0.2810 · +12.19% from $0.3200 entry (call sign-flipped)

Entry anchored
Apr 20, 04:01 PM ET
via Databento tick

T+1d

+9.38%

call -9.38% · α -8.36%

$0.3500

settled 29d ago

T+5d

-3.13%

call +3.13% · α +4.21%

$0.3100

settled 23d ago

T+20d

-9.38%

call +9.38% · α +14.29%

$0.2900

settled 2d ago

T+60d

—

call — · α —

—

in 8w

Price Chart

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Executive Summary

IGC Pharma raised $514,000 through two unregistered convertible notes with FirstFire and Vanquish, carrying 12% interest and onerous terms including 75% of the lowest trading price as conversion price and 150% default penalties. The funds are for general working capital, signaling potential distress given the high-cost financing structure.

Key Financial Metrics

Offering Size

$514.0K

Actionable Insight

Monitor for any payment delays or defaults which would trigger immediate 150% repayment obligations and forced conversions at deeply discounted prices, potentially leading to significant share dilution. The high-cost financing suggests liquidity pressure at this micro-cap pharma company.

Key Facts

IGC Pharma issued two convertible promissory notes totaling $585,960 principal for $514,000 cash ($307,000 from FirstFire, $207,000 from Vanquish), creating $71,960 in immediate debt via original issue discount
Notes carry 12% one-time interest and can be converted only upon default at 75% of the lowest trading price over the prior 10 trading days, enabling significant dilution
Default triggers immediate 150% repayment obligation and conversion rights, with failure to deliver shares incurring $2,000/day penalties
Proceeds are for general working capital, indicating potential liquidity concerns at the $32M market cap pharmaceutical company
Both notes contain restrictive covenants limiting asset sales and requiring shareholder approval for large conversions

Financial Impact

Raised $514,000 in immediate capital but created $585,960 in debt with 12% interest and severe default penalties. Conversion at 75% of lowest trading price could lead to substantial shareholder dilution.

debtdilutioncash

Risk Factors

Severe default terms could lead to 150% repayment obligation or massive dilution through forced conversion
Conversion at 75% of lowest trading price creates strong downward pressure on stock price
Multiple high-cost debt issuances may indicate underlying liquidity problems

Market Snapshot

Exchange

NYSE

Sector

Pharmaceutical Preparations

Documents Analyzed

This report is based on 8 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001185185-26-001437
Document: igcex10-4.htm	0001185185-26-001437
Document: igcex10-1.htm	0001185185-26-001437
Document: igcex10-3.htm	0001185185-26-001437
Document: igc8k200426.htm	0001185185-26-001437
Document: 0001185185-26-001437-index-headers.html	0001185185-26-001437
Document: 0001185185-26-001437-index.html	0001185185-26-001437
Document: 0001185185-26-001437.txt	0001185185-26-001437

2 reports for IGC

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for IGC — sortable, filterable
	Type				Now
Apr 20, 2026 4w ago	8-K BEARISH ★ 7/10	$0.3200 $0.2900	▲ +9.38%	▲ +14.29%	$0.2810 (+12.19%)
Mar 12, 2026 9w ago	8-K BEARISH ★ 7/10	$0.2800 $0.3000	▼ −7.14%	▼ −5.17%	$0.2810 (−0.36%)

US Market Status

Market Closed — Opens Thu (< 1m)

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