Silicon Valley Acquisition Corp. Enters Unsecured Note Financing with EigenQ

On October 19, 2026, Silicon Valley Acquisition Corp. (SVAQ) and EigenQ, Inc. entered into a securities purchase agreement with a special purpose investment vehicle (the Unsecured Investor). The agreement provides for the issuance of subordinated unsecured promissory notes by EigenQ, with an aggregate original principal amount of up to $5,000,000.

At the Initial Closing, EigenQ issued an Unsecured EigenQ Note with an original principal amount of $2,413,333.33 to the Unsecured Investor. This issuance reflected an original issue discount of 10%, with the $2,172,000 previously funded by the Investor converted into the Note. Additionally, the Investor received Unsecured EigenQ Warrants to purchase 201,111 shares of EigenQ common stock at an exercise price of $12.00 per share.

An Additional Closing is permitted, subject to mutual agreement and specific conditions, which may allow EigenQ to issue additional notes with an aggregate principal amount of up to $2,586,666.67. This would result in the issuance of additional warrants to purchase up to 215,555 shares of common stock. The aggregate purchase price for all notes and warrants issued under the agreement may not exceed $4,500,000.

Upon the completion of the Business Combination, the Unsecured EigenQ Notes will be exchanged for subordinated unsecured convertible notes of PubCo (the surviving company), and the warrants will be exchanged for PubCo warrants. The terms of the Unsecured Financing are largely similar to a previously disclosed Secured Financing, including interest rates of 8% per annum for cash payments and 10% per annum for interest paid in kind.

A key distinction is the unsecured status of the Notes, meaning no lien or security interest secures the obligation. Furthermore, the Unsecured Notes are subordinated to the Secured Notes. Under the subordination agreement, the Unsecured Investor may not receive payments on the Unsecured Notes until no event of default exists under the Secured Financing, and the Unsecured Investor must turn over any payments received to the holders of the Secured Notes.