ACURA PHARMACEUTICALS, INC: debt financing — Acura gets $200K loan from controlling shareholder; warns bankruptcy possible if no new funds by early June

ACURA PHARMACEUTICALS, INC

AD Pharma loaned $200K on May 10; total principal now $5.62M at 5.25%, due June 30, 2024.
Accrued interest ~$310K; default rate rises to 7.5% after 5-day grace.
Without additional financing by early June 2024, Acura may scale back operations or seek bankruptcy protection.
AD Pharma directly owns ~65% of Acura common stock; Mr. Schutte (AD Pharma manager) owns ~13% directly.
Loan proceeds used for day-to-day operations; no assurance further funding will be available.

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 $200,000 with Abuse Deterrent Pharma, LLC at 5.25% maturing June 30, 2024.

Instrument: loan
Principal: $200,000
Counterparty: Abuse Deterrent Pharma, LLC
Rate: 5.25%
Maturity: June 30, 2024
Event: incurrence

Exact text from the filing

On May 10, 2024 we received a $200,000 loan from Abuse Deterrent Pharma, LLC (“AD Pharma”). This loan combined with previous loans made to the Company and combined with the $2,319,279 under the November 10, 2022 Amended Consolidated and Restated Secured Promissory Note, now has a principal balance of $5,619,279 with accrued interest of approximately $310,000, bears interest at 5.25%, and matures on June 30, 2024, at which time all principal and interest is due (“Note”).

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Source: SEC EDGAR

accession 0001104659-24-061200

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