IronNet, Inc.: Nasdaq/NYSE listing notice — IronNet enters $555K secured note with Korr; director resignation creates NYSE audit committee issue

IronNet, Inc.

On July 21, 2023, IronNet issued a $555,555 secured promissory note to Korr Acquisitions Group; $55K OID (9.9%), 8% interest.
Maturity Oct 21, 2023 or 1 business day after full receipt under covered agreements; 3% prepayment premium after Aug 21.
Director Michael J. Rogers resigned from Board and Audit Committee effective July 20, 2023, reducing Audit Committee to 2 members.
Non-compliance with NYSE Rule 303A.07(A) requiring at least 3 audit committee members; Company intends to regain compliance promptly.

item 1.01 item 2.03 item 3.01 item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Michael J. Rogers

Director

IronNet, Inc.

Effective: 2023-07-20
Filed: July 25, 2023, 7:59 PM ET

The information regarding Mr. Rogers’ resignation contained in

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

IronNet, Inc. incurred loan of $555,555 with Korr Acquisitions Group, Inc. at 8% from July 21, 2023, calculated on an actual/360 basis maturing October 21, 2023.

Instrument: loan
Principal: $555,555
Counterparty: Korr Acquisitions Group, Inc.
Rate: 8% from July 21, 2023, calculated on an actual/360 basis
Maturity: October 21, 2023
Event: incurrence

Exact text from the filing

On July 21, 2023, IronNet, Inc. (the “ Company ”) entered into a Secured Promissory Note (the “ Note ”) with Korr Acquisitions Group, Inc., a New York corporation, for the sum of $555,555.

View on SEC.gov

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

IronNet, Inc. received a nyse noncompliance notice notice regarding audit committee (rules 303A.07(A)).

Exchange: nyse
Notice: noncompliance notice
Deficiency: audit committee
Rules: 303A.07(A)

Exact text from the filing

t of accounting principles, financial statement disclosure, or any issue impacting the Audit Committee. The Company thanks Mr. Rogers for his service on the Board. After giving effect to Mr. Rogers’ resignation, on July 20, 2023 the Audit Committee no longer had three members as required by Section 303A.07(A) of the Listed Company Manual of the New York Stock Exchange (“ NYSE ”). The Company informed the NYSE of the foregoing on July 20, 2023. The Company intends to regain compliance with NYSE Listed Company Manual Section 303A.07(A) promptly.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael J. Rogers resigned as Director at IronNet, Inc..

Action: resigned
Role: Director

Exact text from the filing

The information regarding Mr. Rogers’ resignation contained in

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IronNet, Inc. entered into Secured Promissory Note with Korr Acquisitions Group, Inc. valued at $555,555 (effective 2023-07-21).

Action: entry
Agreement: credit facility
Counterparty: Korr Acquisitions Group, Inc.
Value: $555,555
Effective: 2023-07-21

Exact text from the filing

On July 21, 2023, IronNet, Inc. (the “ Company ”) entered into a Secured Promissory Note (the “ Note ”) with Korr Acquisitions Group, Inc., a New York corporation, for the sum of $555,555.

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-23-034472

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