secwatch.observer — SEC 8-K summary
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Issuer:     GRESHAM WORLDWIDE, INC. (—)
CIK:        0000719274
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0000950170-24-050826
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.04
LLM model:  deepseek-v4-flash:cloud@v2

Gresham Worldwide receives default notice on $2M convertible note; default interest at 18%
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719274/000095017024050826/0000950170-24-050826-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719274/000095017024050826/giga-20240426.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-050826

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