IronNet, Inc.: debt financing — IronNet receives default notice from 3i LP on $7.55M convertible note

IronNet, Inc.

On Aug 23, 2023, IronNet received written notice from 3i LP declaring payment and covenant defaults under $7,553,333.33 senior unsecured convertible note.
3i demanded payment within five business days; threatens to pursue all rights and remedies if not repaid.
Failure to pay could trigger cross-defaults under other outstanding secured indebtedness of the Company.

item 2.04

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

IronNet, Inc. reported a default on convertible notes of $7,553,333.33 with 3i, LP.

Instrument: convertible notes
Principal: $7,553,333.33
Counterparty: 3i, LP
Event: default

Exact text from the filing

On August 23, 2023, IronNet, Inc. (“the “ Company ”) received written notice delivered on behalf of 3i, LP (“ 3i ”) pursuant to the senior unsecured convertible note issued to 3i on September 15, 2022 in the principal amount of $7,553,333.33 (the “ 3i Note ”) and the other transaction documents entered into in connection therewith, including the Securities Purchase Agreement and Registration Rights Agreement dated September 14, 2022 (the “ 3i Transaction Documents ”), stating that, among other things, the Company is in purported payment default and purported covenant default under the 3i Note and the 3i Transaction Documents.

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Source: SEC EDGAR

accession 0001193125-23-224122

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