StablecoinX, a Nasdaq-listed company trading under the ticker USDE and holding Ethena’s ENA token, has restructured $6.879 million in defaulted former-SPAC notes. The company paid only $344,000 in cash, representing 5% of the balance, with the remainder converted into two warrant tranches representing approximately 7.62 million potential Class A shares. The exercise prices of $11.50 and $15 remain above the August 24 closing price of $6.27, shifting dilution risk into the future. The deal reduces the cash call to 1.8% of the company’s $18.856 million cash balance as of June 30, compared to 36.5% for the full note amount.
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