ACURA PHARMACEUTICALS, INC: debt financing — Acura receives $250K loan from controlling shareholder; warns cash only covers ops through late Nov 2023

ACURA PHARMACEUTICALS, INC

Loan from AD Pharma (owns ~66% of Acura) increases aggregate principal to $4.42M at 5.25% interest, matures Dec 31, 2023.
Proceeds expected to fund operations only through late November 2023; no assurance of additional financing.
If unable to secure additional financing, company may need to scale back operations or seek bankruptcy protection.
AD Pharma is controlled by Mr. Schutte, who also directly owns ~14% of Acura's outstanding common stock.

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 October 11, 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 $4,419,279, 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 0001104659-23-108759

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