ACURA PHARMACEUTICALS, INC: debt financing — Acura receives $150K loan from 66% owner AD Pharma; warns of possible shutdown if no more funding

ACURA PHARMACEUTICALS, INC

Loan from Abuse Deterrent Pharma adds to $2.32M note, total debt $3.47M at 5.25%, due Dec 31, 2023.
Also received $235K from CARES Act employee retention credit; funds expected to last through June 2023.
If additional financing not secured by end of June 2023, may scale back operations or seek bankruptcy.
AD Pharma owns ~66% of common stock; entity controlled by Mr. Schutte who holds ~14% directly.
Overdue amounts bear interest at 7.5% per annum after 5-day grace period.

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 $150,000 loan with Abuse Deterrent Pharma, LLC at 5.25% maturing December 31, 2023.

Instrument: loan
Principal: $150,000 loan
Counterparty: Abuse Deterrent Pharma, LLC
Rate: 5.25%
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

On May 19, 2023 we received a $150,000 loan from Abuse Deterrent Pharma, LLC ("AD Pharma").

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Source: SEC EDGAR

accession 0001104659-23-065107

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