secwatch.observer — SEC 8-K summary
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Issuer:     ACURA PHARMACEUTICALS, INC (—)
CIK:        0000786947
Form:       8-K
Filed at:   2024-01-10T23:59:59+00:00
Accession:  0001104659-24-003020
Event type: debt
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Acura gets $250K loan from AD Pharma; warns of possible bankruptcy by Feb 2024
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/786947/000110465924003020/0001104659-24-003020-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/786947/000110465924003020/tm243090d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-003020

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