secwatch.observer — SEC 8-K summary
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Issuer:     NovAccess Global Inc. (—)
CIK:        0001039466
Form:       8-K
Filed at:   2024-02-28T23:59:59+00:00
Accession:  0001185185-24-000196
Event type: debt
Sentiment:  negative
Materiality: 0.45
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NovAccess Global issues $100K promissory note to AJB Capital with 20% OID, 12% interest, due Aug 2024
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- Initial draw of $25,000 for working capital; additional $25,000 draws on March 15 and April 15, 2024.
- Note bears 12% interest, 20% original issue discount, due August 27, 2024; must prepay from any capital raise over $5M.
- Upon default, interest rises to 18%, amounts may double, and AJB can convert outstanding into shares at market discount.
- Company granted AJB a security interest in all assets, including equity of StemVax LLC, under a security agreement.
- Registration rights agreement requires filing Form S-1 by May 27, 2024 to register conversion shares for resale.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039466/000118518524000196/0001185185-24-000196-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039466/000118518524000196/novaccess20240227c_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-000196

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