secwatch.observer — SEC 8-K summary
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Issuer:     Bantec, Inc. (—)
CIK:        0001704795
Form:       8-K
Filed at:   2023-07-28T23:59:59+00:00
Accession:  0001213900-23-060864
Event type: debt
Sentiment:  negative
Materiality: 0.50
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bantec enters $90,400 convertible note with 14% interest, 10% OID, and deep discount conversion
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- Principal $90,400 with $10,400 OID; net proceeds ~$80,000 for working capital.
- Ten monthly payments of $10,305.60; first due Aug 30, 2023; matures May 15, 2024.
- Unsecured note; upon default, 150% default amount + 22% interest; conversion at 39% of lowest closing price in prior 10 days.
- Proceeds for working capital; issued in private placement under Section 4(a)(2)/Reg D.
- Conversion capped at 4.99% beneficial ownership.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023060864/0001213900-23-060864-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023060864/ea182542-8k_bantec.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-060864

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