Classover raises $1.9M via convertible note from Solana Growth Ventures
What's the deal? Classover HoldingsDealroom has a profile for this one. Try Dealroom →, through its KIDZ AI Inc.Dealroom has a profile for this one. Try Dealroom → unit, has raised $1.9 million via a senior secured convertible note issued to Solana Growth Ventures LLC. The company closed the deal on September 17, 2026, under a securities purchase agreement first signed on May 30, 2025.
The terms: The note carries a 7% annual interest rate and matures on September 17, 2028. It can convert into Class B common stock at the holder's option at an initial price of $3.672 per share, with interest payable quarterly in cash, added to principal, or in stock.
How it's structured: The note ranks senior to the company's existing and future debt and is backed by a first-priority security interest in the collateral supporting its notes. Classover executed the deal as an unregistered private placement, relying on exemptions under US securities laws.
Why now? The financing is an additional closing under an agreement that dates back more than a year, extending Classover's reliance on structured convertible debt to reach capital. The instrument strengthens the lender's protection while adding a new obligation to the balance sheet.
What could go wrong? Classover carries steep operating losses and heavy cash burn, and its stock trades below key moving averages. Its market capitalisation stands at just $2.59 million, and the convertible structure introduces dilution risk for existing shareholders.
The signal: For a company this small, US$1.23M convertible note is a meaningful lifeline — but the reliance on dilutive, investor-friendly debt reflects how thin the financing runway is for early-stage listed firms burning cash without profits.
Read more: tipranks.com
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