secwatch.observer — SEC 8-K summary
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Issuer:     QUEST PATENT RESEARCH CORP (QPRC)
CIK:        0000824416
Form:       8-K
Filed at:   2023-03-16T23:59:59+00:00
Accession:  0001213900-23-020676
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/824416/000121390023020676/0001213900-23-020676-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/824416/000121390023020676/ea175366-8k_questpatent.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-020676

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer