5&2 Studios, Inc.: debt financing — The Chosen restructures IP ownership with CAS; cancels ~$157M debt, gets up to $85M milestones

5&2 Studios, Inc.

Asset Purchase Agreement cancels ~$145.5M existing debt plus $11.7M Bridge Note, totaling ~$157.2M.
Up to $85M milestone payments payable upon completion and delivery of seasons 5, 6, and 7.
Company transfers Commercial Rights to CAS and re-licenses them under new Distribution License and Marketing Services Agreement.
Bridge Note $11.7M at 7% interest, matures at closing/termination; Events of Default include failure to pay, cross-defaults.
Termination fee of ~$8.3M payable by Company if it terminates APA to pursue superior acquisition proposal.

item 1.01 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

5&2 Studios, Inc. incurred term loan of approximately $11.7 million with Come and See Foundation, Inc..

Instrument: term loan
Principal: approximately $11.7 million
Counterparty: Come and See Foundation, Inc.
Event: incurrence

Exact text from the filing

the Company issued a promissory note in favor of CAS, in the principal amount of approximately $11.7 million (the “Bridge Note”), in exchange for CAS’s making a short-term loan to the Company for such same amount.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

5&2 Studios, Inc. entered into Asset Purchase Agreement with Come and See Foundation, Inc. valued at cancellation of all of the existing indebtedness owed by the Company to CAS, which includes approxim (effective 2024-05-13).

Action: entry
Agreement: asset purchase
Counterparty: Come and See Foundation, Inc.
Value: cancellation of all of the existing indebtedness owed by the Company to CAS, which includes approxim
Effective: 2024-05-13

Exact text from the filing

On May 13, 2024, The Chosen, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “APA”) with the nonprofit corporation Come and See Foundation, Inc. (“CAS”).

View on SEC.gov

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

Source: SEC EDGAR

accession 0001104659-24-061813

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.