KULR modifies Yorkville equity line terms, extends note repayment to Sep 22

KULR Technology Group, Inc.

Entered Letter Agreement with Yorkville modifying $50M SEPA; $7.15M principal plus interest outstanding.
If raises ≥$15M, entire note plus 5% premium due; else staged payments: $1.5M by Sep 22, $1.5M by Nov 30, $2M by Dec 31, balance by Jan 31, 2024.
Failure to pay triggers Event of Default: floor price reduced to 80% of close (min $0.20) and possible shareholder vote for exchange cap.
Yorkville cannot request advances until Dec 2023, then capped at ~$1.383M/month, subject to reductions from repayments.
Press release announces extension of initial repayment to Sep 22, 2023, allowing focus on operations and growth.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KULR Technology Group, Inc. amended Letter Agreement with YA II PN, Ltd. and Yorkville Advisors Global, L.P (effective 2023-08-30).

Action: amendment
Agreement: equity purchase
Counterparty: YA II PN, Ltd. and Yorkville Advisors Global, L.P
Effective: 2023-08-30

Exact text from the filing

On August 30, 2023, the Company entered into a letter agreement (the “Letter Agreement”) with YA and Yorkville Advisors Global, L.P (collectively “Yorkville Advisors”), which amends and replaces the letter agreement entered into by the same parties on August 16, 2023, and is intended to supplement and modify the Supplemental Agreement.

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KULR Technology Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-096925

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