Precipio, Inc. (PRPO): debt financing — Precipio secures $500K loan facility due to Change Healthcare cyberattack cash-flow delay

Precipio, Inc.

Loan agreement with Altbanq Lending LLC for $250K initial draw; up to $500K total available.
Interest rate 20%; 52 weekly payments of $5,769.24; total repayment $300K on $250K drawn.
CEO Ilan Danieli provides personal guaranty for the loan.
Loan addresses temporary cash-collection delays from Change Healthcare cyberattack; Precipio IT unaffected.
Company can repay anytime without penalty; additional $250K available at discretion if no material change.

item 1.01 item 2.03 item 7.01 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 0.95

Precipio, Inc. incurred loan of $250,000 with Altbanq Lending LLC. at 20%.

Instrument: loan
Principal: $250,000
Counterparty: Altbanq Lending LLC.
Rate: 20%
Event: incurrence

Exact text from the filing

On May 1, 2024, Precipio, Inc. (the “Company”) entered into a Business Loan and Security Agreement (the “Loan Agreement”), by and between the Company, as borrower, and Altbanq Lending LLC., as lender (the “Lender”) pursuant to which the Company obtained a loan from the Lender in the principal amount of $250,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Precipio, Inc. entered into Business Loan and Security Agreement with Altbanq Lending LLC. valued at $250,000 (effective 2024-05-01).

Action: entry
Agreement: credit facility
Counterparty: Altbanq Lending LLC.
Value: $250,000
Effective: 2024-05-01

Exact text from the filing

On May 1, 2024, Precipio, Inc. (the “Company”) entered into a Business Loan and Security Agreement (the “Loan Agreement”), by and between the Company, as borrower, and Altbanq Lending LLC., as lender (the “Lender”) pursuant to which the Company obtained a loan from the Lender in the principal amount of $250,000

View on SEC.gov

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

Precipio, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-057536

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