secwatch.observer — SEC 8-K summary
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Issuer:     GSE SYSTEMS INC (—)
CIK:        0000944480
Form:       8-K
Filed at:   2023-06-26T23:59:59+00:00
Accession:  0000944480-23-000056
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

GSE Systems enters up to $8M convertible financing with Lind Partners; $1.5M upfront
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- Issued $1.5M secured convertible note (principal $1.8M) due in 24 months; 12 monthly payments starting one year.
- Warrant to buy up to 4,264,271 shares at $0.50 per share, exercisable through June 2028.
- Amended existing 2022 note; $2.75M outstanding balance extended to Aug 2024 with 12 monthly payments.
- Proceeds for general working capital; company cites additional liquidity for new business and cost management.
- Conversion price $0.50; shares issuable limited to 4,937,271 without stockholder approval.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/944480/000094448023000056/0000944480-23-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/944480/000094448023000056/form8-k_lind.htm
  HTML page:      https://secwatch.observer/filing/0000944480-23-000056

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