Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Molekule Group, Inc. reported a default on loan of $4.3 million with Silicon Valley Bank.
- Instrument
- loan
- Principal
- $4.3 million
- Counterparty
- Silicon Valley Bank
- Event
- default
Exact text from the filing
loan and security agreements automatically became due upon the filing of the Chapter 11 Case. As of June 30, 2023, the outstanding principal balance under the senior loan was $4.3 million and the outstanding principal balance under the mezzanine loan was $30 million.
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Molekule Group, Inc. reported a default on loan of $30 million with Silicon Valley Bank.
- Instrument
- loan
- Principal
- $30 million
- Counterparty
- Silicon Valley Bank
- Event
- default
Exact text from the filing
As of June 30, 2023, the outstanding principal balance under the senior loan was $4.3 million and the outstanding principal balance under the mezzanine loan was $30 million.
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Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
Molekule Group, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Florida (petition 2023-10-03).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the Southern District of Florida
- Petition
- 2023-10-03
Exact text from the filing
On October 3, 2023, Molekule Group, Inc. (the “Company”) and its wholly-owned subsidiary, Molekule, Inc., filed a voluntary petition in the United States Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”) for relief under the provisions of Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”).
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