Mitesco enters $50k bridge loans with two institutional investors; settles wrongful termination suit for $3k

Mitesco, Inc.

Received $50k in proceeds from two bridge notes (Cavalry Fund and Mercer Street Capital) at 10% interest, maturing January 2025.
Proceeds earmarked for SEC reporting, audit, legal and accounting compliance costs.
Resolved former employee wrongful termination lawsuit (The Good Clinic) for $3,000 total; expects dismissal shortly.
Company in discussions to settle remaining litigation matters from winding down clinic business within the quarter.

Key facts

Extracted from this filing and checked against the source text.

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

Mitesco, Inc. entered into a notes offering with Cavalry Fund and Mercer Street Capital valued at $25,000 of proceeds each (effective 2024-01-24).

Action: entry
Agreement: notes offering
Counterparty: Cavalry Fund and Mercer Street Capital
Value: $25,000 of proceeds each
Effective: 2024-01-24

Exact text from the filing

On January 24, 2024 the Company received funding after entering into a lending agreement with each of two (2) of its historical institutional investors, Cavalry Fund and Mercer Street Capital (“the Lenders”). The notes provide $25,000 of proceeds each, are for 12-month period, and earn interest at ten percent (10%) per year.

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Mitesco, Inc. filing history →

Source: SEC EDGAR

accession 0001185185-24-000124

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