ConnectM Technology Solutions, Inc. (CNTM) has completed the final closing of its Securities Purchase Agreement with Ascent Partners Fund LLC. The transaction was consummated on October 13, 2026, as reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on October 19, 2026.
Under the final tranche, the company issued a Senior Secured Convertible Promissory Note (Two-B) to Ascent Partners Fund LLC. The note carries an original principal amount of $1,388,888.89 and was issued at a purchase price of $1,250,000.00, reflecting an original issue discount of $138,888.89. The terms of Note Two-B are substantially similar to the Senior Secured Convertible Promissory Note (Two-A) issued on September 28, 2026.
Note Two-B bears interest at a rate of 10% per annum, with one year’s interest guaranteed. The note matures on October 13, 2027, subject to automatic acceleration to the 30th day following the Lock-Up Termination Date. Prior to the Listing Event, the holder may convert the note into shares of Common Stock at a price equal to the lower of $4.5885 or, during a Default or Event of Default, 95% of the lowest volume-weighted average price during the five consecutive trading days immediately preceding the conversion date. A 9.99% beneficial ownership limitation applies to these conversions.
Following the Listing Event, the holder is not permitted to convert Note Two-B into shares of Common Stock. Monthly amortization payments of principal are required commencing on the earlier of the Listing Event or the date the Blue Cloud Shares become freely tradeable without restriction, which is no later than February 28, 2027. The company may make amortization and interest payments in shares of Common Stock at the Amortization Price, subject to satisfaction of the Equity Payment Conditions.
The Securities Purchase Agreement was originally entered into on August 31, 2026, and amended by Amendment No. 1 dated September 28, 2026. ConnectM previously reported its entry into the agreement in a Form 8-K filed on September 4, 2026, and reported the amendment in a Form 8-K filed on October 2, 2026. No further amendments to the Purchase Agreement or other Transaction Documents were entered into in connection with the final closing.
Following this final closing, Ascent Partners Fund LLC has purchased all securities under the Purchase Agreement. The aggregate original principal amount of notes issued by ConnectM under this arrangement is approximately $5,000,000. The securities were offered and sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D. Ascent Partners Fund LLC represented that it is an accredited investor as defined in Rule 501(a) under the Securities Act.
Bhaskar Panigrahi, Chief Executive Officer of ConnectM Technology Solutions, Inc., signed the report on behalf of the company.