Digital Brands Group issues $2.2M in 20% OID promissory notes due Sept 2023

Digital Brands Group, Inc.

Aggregate principal $2,208,750; subscription amount $1,800,000 representing 20% original issue discount.
Notes mature September 30, 2023; Company may prepay without penalty at any time.
Mandatory 50% repayment upon any debt/equity financing under $7.5M; 100% repayment on $7.5M+ financing.
Default triggers automatic 20% increase in face value and 20% annual interest payable monthly in cash.
Amendment corrects previously filed documents to remove certain conversion provisions not in executed agreements.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Digital Brands Group, Inc. entered into Securities Purchase Agreement with various purchasers valued at aggregate principal amount of $2,208,750 (effective 2023-04-07).

Action: entry
Agreement: equity purchase
Counterparty: various purchasers
Value: aggregate principal amount of $2,208,750
Effective: 2023-04-07

Exact text from the filing

On April 7, 2023, Digital Brands Group, Inc. (the “Company”) and various purchasers (the “Investors”) executed a Securities Purchase Agreement (the “SPA”) whereby the Investors purchased from the Company 20% Original Issue Discount (the “OID”) promissory notes (the “Notes”) in the aggregate principal amount of $2,208,750 (with an aggregate subscription amount of $1,800,000).

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24 material agreements filed in the last 30 days. Browse all material agreements →

Digital Brands Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-046813

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