Better Therapeutics, Inc.: debt financing — Better Therapeutics receives notice of default from Hercules Capital; all loan obligations accelerated

Better Therapeutics, Inc.

Hercules Capital notified Better Therapeutics of defaults under minimum cash covenant, MAC, and insolvency clauses in Loan and Security Agreement.
All obligations under the loan agreement are now immediately due and payable.
Default interest rate may be applied to all amounts due, including principal, interest, and fees.
Company had previously disclosed loan terms in March 2023 10-K and subsequent amendments.

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 0.9

Better Therapeutics, Inc. faced acceleration on loan with Hercules Capital, Inc..

Instrument: loan
Counterparty: Hercules Capital, Inc.
Event: acceleration

Exact text from the filing

The Hercules Notice indicates that all obligations are now immediately due and payable, and lender and agent reserve all rights and remedies provided under the Loan and Security Agreement, including the right to charge interest at the default rate on all amounts due and owing from the Company to lender and agent, including principal, interest and fees, during the continuance of any of the events of default.

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Source: SEC EDGAR

accession 0001193125-24-073819

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