IronNet, Inc.: debt financing — IronNet issues $800K secured notes to directors for payroll and potential bankruptcy costs; director resigns

IronNet, Inc.

Issued $800K secured promissory notes at 13.8% to directors Tighe and Dixon for payroll and bankruptcy preparation.
Proceeds used first for unpaid employee payroll, then up to $100K for potential bankruptcy filing, then D&O tail insurance.
Notes secured by substantially all assets excluding IP; maturity one year.
Director Mary Gallagher resigned from Board and Audit Committee effective immediately; no disagreement cited.
Company discloses severe cash constraints; notes suggest imminent bankruptcy planning.

item 1.01 item 2.03 item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Mary Gallagher

Director

IronNet, Inc.

Effective: 2023-08-31
Filed: September 1, 2023, 7:59 PM ET

On August 31, 2023, Mary Gallagher notified the Company of her resignation from the Company’s Board of Directors

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

IronNet, Inc. incurred senior notes of $800,000 with VADM Jan E. Tighe (Ret.) and Donald R. Dixon, members of the Company’s board of directors at 13.8% per annum maturing one year after issuance.

Instrument: senior notes
Principal: $800,000
Counterparty: VADM Jan E. Tighe (Ret.) and Donald R. Dixon, members of the Company’s board of directors
Rate: 13.8% per annum
Maturity: one year after issuance
Event: incurrence

Exact text from the filing

On August 29, 2023, the Company issued secured promissory notes in an aggregate principal amount of $800,000

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Mary Gallagher resigned as Director at IronNet, Inc..

Action: resigned
Role: Director

Exact text from the filing

On August 31, 2023, Mary Gallagher notified the Company of her resignation from the Company’s Board of Directors

View on SEC.gov

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

IronNet, Inc. entered into August 2023 Notes with VADM Jan E. Tighe (Ret.) and Donald R. Dixon valued at aggregate principal amount of $800,000 (effective 2023-08-29).

Action: entry
Agreement: notes offering
Counterparty: VADM Jan E. Tighe (Ret.) and Donald R. Dixon
Value: aggregate principal amount of $800,000
Effective: 2023-08-29

Exact text from the filing

On August 29, 2023, the Company issued secured promissory notes in an aggregate principal amount of $800,000 (the “ August 2023 Notes ”) to VADM Jan E. Tighe (Ret.) and Donald R. Dixon, members of the Company’s board of directors.

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-226532

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