American Bitcoin Corp. (ABTC): debt financing — Akerna sells cannabis software business to MJ Acquisition for $5M, terminates POSaBIT deal

American Bitcoin Corp.

Sale of MJ Freeway and Ample Organics to MJ Acquisition Co for $5M ($4M cash + $1M note deemed paid at closing).
Terminates prior POSaBIT SPA; owes $140K termination fee plus up to $60K expenses to POSaBIT.
Sale conditioned on stockholder approval and simultaneous closing with previously announced Gryphon merger.
Issues $1M secured promissory note (10% interest, due Apr 2024) to MJA; secured by all personal property.
Executives, directors, and noteholders sign voting agreements to support sale and merger proposals.

item 1.01 item 1.02 item 2.03 item 7.01 item 9.01

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

American Bitcoin Corp. incurred loan of $1,000,000 with MJ Acquisition Corp. at ten percent (10%) per annum maturing April 28, 2024.

Instrument: loan
Principal: $1,000,000
Counterparty: MJ Acquisition Corp.
Rate: ten percent (10%) per annum
Maturity: April 28, 2024
Event: incurrence

Exact text from the filing

Concurrently with the SPA, Akerna, Akerna Exchange, and MJA entered into a secured promissory note, dated April 28, 2023 (the “MJA Note”) whereby Akerna promises to pay to the order of MJA or its registered assigns the amount of $1,000,000.

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Source: SEC EDGAR

accession 0001213900-23-034194

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