MANNATECH INC (MTEX): debt financing — Mannatech borrows $3.6M from directors at 16% interest for working capital

MANNATECH INC

Three unsecured promissory notes with directors J. Stanley Fredrick ($2.5M), Tyler Rameson/Jade Capital ($1.0M), and Kevin Robbins ($100K).
16% annual interest, quarterly payments starting June 30, 2024; principal due Sept 30, 2026.
Proceeds for general working capital, international expansion, and technology/software upgrades.
Fairness opinion from third party received April 15, 2024; loans prepayable without penalty.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

MANNATECH INC incurred loan of $3,600,000 aggregate with J. Stanley Fredrick, Tyler Rameson (through Jade Capital, LLC), and Kevin Robbins at 16% per annum maturing September 30, 2026.

Instrument: loan
Principal: $3,600,000 aggregate
Counterparty: J. Stanley Fredrick, Tyler Rameson (through Jade Capital, LLC), and Kevin Robbins
Rate: 16% per annum
Maturity: September 30, 2026
Event: incurrence

Exact text from the filing

On April 23, 2024 Mannatech Incorporated (the “Company”) entered into three separate unsecured Loan Agreement and Promissory Notes (“Promissory Notes”) with three related parties, who are all current members of the Company’s Board of Directors and stockholders of the Company, in an aggregate principal amount of $3.6 million.

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309 debt financings filed in the last 30 days. Browse all debt financings →

MANNATECH INC filing history →

Source: SEC EDGAR

accession 0001056358-24-000038

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