Quest Patent Research enters $32.3M financing deal for patent acquisitions

QUEST PATENT RESEARCH CORP

QF3 provides up to $4M for operating expenses, $3.3M for Tower Semiconductor patent portfolio, and up to $25M for future patent purchases.
In exchange, QF3 receives a portion of net proceeds from patent monetization; payments are non-recourse except upon default.
Intercreditor agreement with Intelligent Partners LLC must be signed by March 17, 2023, or $3.3M will be returned to QF3.
Security interest granted in patents and proceeds; events of default include CEO departure, insolvency, or breach of agreements.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

QUEST PATENT RESEARCH CORP entered into Purchase Agreement with QPRC Finance III LLC (effective 2023-03-12).

Action: entry
Agreement: credit facility
Counterparty: QPRC Finance III LLC
Effective: 2023-03-12

Exact text from the filing

On March 12, 2023, the Company and its newly formed wholly-owned subsidiary, Harbor Island Dynamic LLC (“Harbor”), entered into a series of agreements, all dated March 12, 2023, with QF3, a non-affiliated party, including a prepaid forward purchase agreement (the “Purchase Agreement”), a security agreement (the “Security Agreement”), a patent security agreement (the “Patent Security Agreement”

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QUEST PATENT RESEARCH CORP filing history →

Source: SEC EDGAR

accession 0001213900-23-020676

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