NightFood Holdings, Inc. (NGTF): debt financing — Nightfood Holdings defaults on $936k notes; acceleration triggers 25% premium, CEO shares pledged

NightFood Holdings, Inc.

Company failed to pay ~$936k owed on Dec 29, 2022 maturity; Event of Default declared under Section 8(a) of Notes.
Outstanding principal plus 25% premium, accrued interest, and late fees at 18% per annum now immediately due in cash.
CEO Sean Folkson pledged 16,776,644 shares as collateral; Purchasers may exercise full rights upon default.
Company is negotiating settlement with noteholders and seeking new financing to repay owed amount.
No assurance of successful resolution; Purchasers may pursue foreclosure on pledged collateral.

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

NightFood Holdings, Inc. faced acceleration on debt of approximately $468,000 with Puritan Partners LLC and Verition Multi-Strategy Master Fund Ltd. at 18% per annum maturing December 29, 2022.

Principal: approximately $468,000
Counterparty: Puritan Partners LLC and Verition Multi-Strategy Master Fund Ltd.
Rate: 18% per annum
Maturity: December 29, 2022
Event: acceleration

Exact text from the filing

and interest is due thereunder through and including the date of actual payment in full. As of December 29, 2022, the amount outstanding under each Note is approximately $468,000. Additionally: · As set forth in Section 11 of the Security Agreement entered into by the Company as part of the transactions contemplated by the Securities Purchase Agreement

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10 debt financings filed in the last 30 days. Browse all debt financings →

NightFood Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-006063

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