GRESHAM WORLDWIDE, INC.: debt financing — Giga-tronics borrows $766K under new $1M 12% convertible note due June 2025

GRESHAM WORLDWIDE, INC.

Issued $1M 12% Senior Secured Subordinated Convertible Promissory Note to Ault Lending, LLC on Oct 31, 2023.
As of filing date, $766,405 principal borrowed under the note; maturity June 30, 2025.
Note is convertible on same terms as prior Dec 2022 note and secured but subordinated to senior creditors.
Convertible note carries 12% annual interest; terms include Ault Alliance subordination agreement.

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

GRESHAM WORLDWIDE, INC. incurred senior notes of $1,000,000 with Ault Lending, LLC at 12% per annum maturing June 30, 2025.

Instrument: senior notes
Principal: $1,000,000
Counterparty: Ault Lending, LLC
Rate: 12% per annum
Maturity: June 30, 2025
Event: incurrence

Exact text from the filing

On October 31, 2023, Giga-Tronics Incorporated (the “Company”) issued Ault Lending, LLC (“Ault Lending”) a $1,000,000 12% Senior Secured Subordinated Promissory Note (the “New Ault Note”).

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Source: SEC EDGAR

accession 0000950170-23-059373

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