secwatch.observer — SEC 8-K summary
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Issuer:     Nogin, Inc. (—)
CIK:        0001841800
Form:       8-K
Filed at:   2023-03-27T23:59:59+00:00
Accession:  0001193125-23-079897
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 3.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nogin defaults on interest payment, waives default with note holders; warrant exercise price cut to $0.01
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- Missed March 1, 2023 interest payment on 7.00% Convertible Notes due 2027; holders waived default and March/Sept 2023 interest.
- In lieu of interest, holders received promissory notes due 2025 at 7% interest and warrant exercise price reduced from $11.50 to $0.01.
- Supplemental indenture lowered minimum liquidity covenants; added Event of Default if $10M equity offering not closed by April 30, 2023.
- Promissory notes can be converted into unregistered securities at option of holders; exemption relied on Section 3(a)(9).
- Financial institution that bought ~6M shares in Aug 2022 has recouped remaining 20% purchase price; arrangement ended.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1841800/000119312523079897/0001193125-23-079897-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1841800/000119312523079897/d467224d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-079897

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