ACURA PHARMACEUTICALS, INC: debt financing — Acura gets $250K loan from AD Pharma; warns of possible bankruptcy by Feb 2024

ACURA PHARMACEUTICALS, INC

Received $250K loan from Abuse Deterrent Pharma (AD Pharma) on Jan 8, 2024; total debt under November 2022 note now $4,919,279, interest 5.25%, due March 31, 2024.
Funds will support operations only through mid-Feb 2024; company states it may need to scale back or terminate operations or seek bankruptcy if no additional financing by end of Feb 2024.
AD Pharma, which owns ~65% of Acura's outstanding common stock, is controlled by Mr. Schutte, who directly owns ~13%.
Events of default include bankruptcy, failure to pay, and if Acura admits inability to pay debts; overdue amounts accrue at 7.5% per annum.

item 1.01 item 2.01 item 2.03 item 9.01

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

ACURA PHARMACEUTICALS, INC incurred loan of $250,000 with Abuse Deterrant Pharma, LLC at 5.25% maturing March 31, 2024.

Instrument: loan
Principal: $250,000
Counterparty: Abuse Deterrant Pharma, LLC
Rate: 5.25%
Maturity: March 31, 2024
Event: incurrence

Exact text from the filing

we received a $250,000 loan from Abuse Deterrent Pharma, LLC (“AD Pharma”). This loan combined with previous loans

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283 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001104659-24-003020

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