Appreciate Holdings, Inc.: debt financing — Appreciate Holdings receives default notice and $6M settlement demand from Cohen & Company

Appreciate Holdings, Inc.

Cohen & Company sent Notice of Default and Early Termination on May 3, 2023, citing failure to pay under VWAP Trigger Event.
Settlement amount: $6,000,000 cash or 5,144,901 newly issued shares (or 6,099,345 penalty shares if conditions not met).
Additionally, $250,000 in out-of-pocket expenses demanded.
Default relates to OTC Equity Prepaid Forward Transaction dated November 29, 2022.
Early termination date designated as May 4, 2023; counterparty is Appreciate Holdings (ticker SFR).

item 2.04 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

Appreciate Holdings, Inc. reported a default on debt of $6,000,000 with Vellar Opportunity Fund SPV LLC – Series 9.

Principal: $6,000,000
Counterparty: Vellar Opportunity Fund SPV LLC – Series 9
Event: default

Exact text from the filing

in either cash (as set forth in clause (a)) or Shares (as set forth in clause (b)) that is due to Seller pursuant to Section 6(d)(ii) of the Agreement. (a) In the case of cash, $6,000,000. Seller is entitled to the Maturity Cash Consideration, which is equal to the product of (i)(x) the Maximum Number of Shares less (y) the number of Terminated Shares and (ii)

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Source: SEC EDGAR

accession 0001213900-23-037747

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