ID Auto, Inc.: debt financing — PARTS iD issues $1M subordinated note to CIO at 7.75%; emergency loan to bridge to DIP

ID Auto, Inc.

$1M unsecured promissory note issued to CIO Sanjiv Gomes on Oct 20, 2023 at 7.75% interest, maturing Oct 20, 2024.
Note subordinated to Lind Global Fund II LP debt and Pravati Capital litigation funding; intended as emergency bridge to possible DIP financing.
Proceeds used for working capital and repayment of current indebtedness.
Transaction approved by disinterested directors and Audit Committee; exempt from registration under Section 4(a)(2).

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

ID Auto, Inc. incurred loan of $1,000,000 with Sanjiv Gomes at 7.75% per annum, compounded semi-annually maturing October 20, 2024.

Instrument: loan
Principal: $1,000,000
Counterparty: Sanjiv Gomes
Rate: 7.75% per annum, compounded semi-annually
Maturity: October 20, 2024
Event: incurrence

Exact text from the filing

the Company agreed to issue and sell to Sanjiv Gomes, the Company’s Chief Information Officer, in a private placement, an unsecured promissory note in the aggregate principal amount of $1,000,000 (the “Unsecured Note”). The Unsecured Note bears interest at the rate of 7.75% per annum, compounded semi-annually, and matures on October 20, 2024.

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Source: SEC EDGAR

accession 0001013762-23-006984

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