secwatch.observer — SEC 8-K summary
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Issuer:     Tempo Automation Holdings, Inc. (—)
CIK:        0001813658
Form:       8-K
Filed at:   2023-06-21T23:59:59+00:00
Accession:  0001104659-23-073337
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Tempo Automation secures $7M convertible note; forbearance on cash covenant default
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- Secured $7M convertible promissory note from Asia-IO; up to $4M general use, $3M for Optimum acquisition.
- Note carries 12% simple interest, 3% OID, matures June 20, 2024; conversion floor $0.55, forced at $1.10.
- Existing lenders forbear on $5M cash covenant default through Nov 30, 2023; interest payments capitalized.
- Registration rights granted to Asia-IO for shares upon conversion.
- Optimum Design Associates acquisition expected to close H2 2023 pending conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1813658/000110465923073337/0001104659-23-073337-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1813658/000110465923073337/tm2319270d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-073337

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer