Datavault AI Inc. (DVLT): debt financing — WiSA Technologies enters $650K bridge loan with Meriwether Group at 18% interest

Datavault AI Inc.

Term loan principal $650,000, matures Nov 7, 2023; extendable to Dec 7, 2023 with $20k fee.
Interest rate 18% per annum; default rate 24%. Origination fee $50k, exit fee $50k.
Loan secured by first priority security interest on all assets and proceeds from pending equity raise (S-1 filed Sep 1, 2023).
Proceeds used for working capital to support business expansion and equity raise.
Loan includes customary covenants and events of default; default interest rate 24%.

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

Datavault AI Inc. incurred term loan of $650,000 with Meriwether Group Capital Hero Fund LP at 18% maturing November 7, 2023.

Instrument: term loan
Principal: $650,000
Counterparty: Meriwether Group Capital Hero Fund LP
Rate: 18%
Maturity: November 7, 2023
Event: incurrence

Exact text from the filing

Security Agreement, Meriwether have agreed to provide the Company with bridge financing (the “Bridge Financing”) in the form of a term loan in the original principal amount of $650,000, which term loan will be senior in priority to the Company’s present and future indebtedness. The term loan matures on November 7, 2023 (the “Maturity Date”), subject to further

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

Datavault AI Inc. entered into Loan and Security Agreement with Meriwether Group Capital Hero Fund LP valued at $650,000 (effective 2023-09-08).

Action: entry
Agreement: credit facility
Counterparty: Meriwether Group Capital Hero Fund LP
Value: $650,000
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023 (the “Effective Date”), WiSA Technologies, Inc. (the “Company”) entered into that certain Loan and Security Agreement (the “Loan and Security Agreement”), by and among the Company and Meriwether Group Capital Hero Fund LP (“Meriwether”).

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Datavault AI Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-099375

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