ACURA PHARMACEUTICALS, INC: debt financing — Acura receives $250k loan from majority owner, total debt $4.17M; warns operations may cease without further financing

ACURA PHARMACEUTICALS, INC

New $250k loan from Abuse Deterrent Pharma (66% owner) on Aug 30, 2023; total principal under note now $4,169,279.
Loan bears 5.25% interest, matures Dec 31, 2023; default rate 7.5%.
Proceeds only fund operations through mid-October 2023; company warns may scale back or cease operations without additional financing.
AD Pharma directly owns ~66% of common stock; its managing partner Mr. Schutte owns ~14% personally.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

ACURA PHARMACEUTICALS, INC incurred loan of $250,000 with Abuse Deterrent Pharma, LLC at 5.25% maturing December 31, 2023.

Instrument: loan
Principal: $250,000
Counterparty: Abuse Deterrent Pharma, LLC
Rate: 5.25%
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

On August 30, 2023 we received a $250,000 loan from Abuse Deterrent Pharma, LLC (“AD Pharma”). This loan combined with previous loans made to the Company and with the $2,319,279 under the November 10, 2022 Amended Consolidated and Restated Secured Promissory Note, now totals $4,169,279, bears interest at 5.25% and matures on December 31, 2023, at which time all principal and interest is due.

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Source: SEC EDGAR

accession 0001104659-23-097455

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