GRESHAM WORLDWIDE, INC.: debt financing — Gresham Worldwide receives default notice on $2M convertible note; default interest at 18%

GRESHAM WORLDWIDE, INC.

Defaults include failure to meet working capital covenant, non-payment at maturity, and cross-default on other notes.
Default interest rate of 18% accrues on outstanding principal; principal reduction payments of 20% of monthly consolidated revenues required.
Investor reserves all rights and remedies; late charges also accrue on unpaid amounts.
Second notice issued under Subordination Agreement with Ault Alliance and two accredited investors regarding same defaults.

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. reported a default on convertible notes of $2,000,000 with an accredited investor at default rate of 18%.

Instrument: convertible notes
Principal: $2,000,000
Counterparty: an accredited investor
Rate: default rate of 18%
Event: default

Exact text from the filing

On April 26, 2024, Gresham Worldwide, Inc. (the “Company”) received a Notice of Event of Default (the “Notice”) in reference to the Senior Secured Convertible Note (the ‘Senior Note”) in the principal amount of $2,000,000

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Source: SEC EDGAR

accession 0000950170-24-050826

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