BOLLINGER INNOVATIONS, INC. (BINI): debt financing — Mullen Automotive commits to $90M Series D issuance and takes $20M short-term debt at 15%

BOLLINGER INNOVATIONS, INC.

Irrevocably committed to issue Series D Preferred Stock and warrants for remaining $90M commitment, payable in two $45M tranches on April 17 and May 15, 2023.
Entered three promissory notes totaling $20M, due April 17, 2023, bearing 15% interest (20% upon default).
Company agreed not to effect reverse stock split within 5 trading days prior to each purchase date.
All other terms of the Securities Purchase Agreement remain unchanged.

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

BOLLINGER INNOVATIONS, INC. incurred loan of aggregate principal amount of $20 million at 15% per annum, which increases to 20% per annum if payments under the Promissory maturing April 17, 2023.

Instrument: loan
Principal: aggregate principal amount of $20 million
Rate: 15% per annum, which increases to 20% per annum if payments under the Promissory
Maturity: April 17, 2023
Event: incurrence

Exact text from the filing

On April 4, 2023, the Company entered into three promissory notes (the “Securities Purchase Agreement”) in the aggregate principal amount of $20 million.

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

BOLLINGER INNOVATIONS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-043192

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