Appreciate Holdings, Inc.: debt financing — Appreciate Holdings issues $1.2M convertible debentures at 67% discount; insider participation

Appreciate Holdings, Inc.

Issued $1,207,500 aggregate principal amount of convertible debentures for $402,500 (67% original issue discount).
Debentures mature in 12 months, bear no interest, secured but subordinated to St. Cloud facility.
Issued warrants to purchase 1,000,000 shares of Class A common at $5.00 per share, exercisable for 5 years.
Participants include directors M. Joe Beck, Gloria Fu, Marcy Haymaker, Laurie Hawkes, CEO Chris Laurence, and entity affiliated with director Scott Honour.
Certain investors owning 1,709,481 shares released from lock-up to pledge shares for financing to be loaned to company on same terms.

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

Appreciate Holdings, Inc. incurred convertible notes of $1,207,500 aggregate principal amount at no interest maturing twelve (12) months after the date of issuance.

Instrument: convertible notes
Principal: $1,207,500 aggregate principal amount
Rate: no interest
Maturity: twelve (12) months after the date of issuance
Event: incurrence

Exact text from the filing

From March 27, 2023 through March 31, 2023, Appreciate Holdings, Inc. (the “Company”) issued USD $1,207,500 aggregate principal amount of convertible debentures to several accredited investors (the “Debentures”).

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Source: SEC EDGAR

accession 0001213900-23-025594

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