ACURA PHARMACEUTICALS, INC: debt financing — Acura Pharmaceuticals secures $250K related-party loan; warns of possible operations cessation

ACURA PHARMACEUTICALS, INC

Received $250,000 loan from AD Pharma, controlled by Mr. Schutte, increasing total debt to $3,319,279 at 5.25% interest, maturing Dec 31, 2023.
Proceeds will fund operations only through April 2023; warns that without additional financing it may scale back or cease operations.
AD Pharma directly owns ~66% of common stock; Mr. Schutte owns ~14% directly; loan is a related-party transaction.
Default interest rate of 7.5% applies to overdue amounts; events of default include bankruptcy and payment failure for 5 days.

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

ACURA PHARMACEUTICALS, INC incurred loan of $250,000 with Abuse Deterrent Pharma, LLC at 5.25% maturing December 31, 2023.

Instrument: loan
Principal: $250,000
Counterparty: Abuse Deterrent Pharma, LLC
Rate: 5.25%
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

On March 20, 2023 we received a $250,000 loan from Abuse Deterrent Pharma, LLC (“AD Pharma”).

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Source: SEC EDGAR

accession 0001104659-23-034342

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