RMX Industries issues $296K note to Vanquish Funding Group
What's the deal? RMX IndustriesDealroom has a profile for this one. Try Dealroom → has issued a 12% promissory note with a principal of $295,550 to Vanquish Funding Group, the Dallas-based company disclosed in an October 2026 Form 8-K. After a $38,550 original issue discount, the deal delivered $257,000 in cash, which RMX intends to use for general working capital.
The fine print: The note matures on October 15, 2027, and RMX may prepay in full at any time without penalty. RMX also owes Vanquish $7,000 in due diligence and legal fees.
What else? The agreement allows for additional tranches totaling up to $1.1 million over the next 12 months, contingent on mutual consent. That figure is a ceiling on possible future funding, not committed cash.
What could go wrong? If RMX defaults, the note becomes immediately due at 150% of outstanding principal plus interest, and Vanquish gains the right to convert the balance into Class A common stock at 65% of the lowest closing bid over the prior 10 trading days. Conversion cannot occur before 180 days from issuance, and Vanquish is capped at 4.99% beneficial ownership. The note ranks junior to senior secured convertible notes from RMX's October 2025 agreement.
Why now? The financing follows a $1.36 million private placement of 18% notes and warrants earlier in 2026. A larger facility and potential uplisting-related capital remain conditional rather than committed.
The signal: For RMX, this is another modest debt financing to fund operations rather than a growth milestone. The headline principal of $295,550 overstates the roughly $257,000 actually received — a reminder that for small-cap issuers, discounts and fees can make the sticker figure a poor guide to real proceeds.
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