8-K
filed August 10, 2023, 7:59 PM ET
ticker LBRA
CIK 0001599407
other material
confidence high
sentiment negative
materiality 0.85
1847 Holdings LLC (LBRA): debt financing — 1847 Holdings defaults on $4.0M in convertible notes to Mast Hill and Leonite
1847 Holdings LLC
- Notice of Default on Feb 3 notes ($104K Mast Hill, $500K Leonite) for missed payments; 60-day forbearance on cash payment and acceleration.
- Notice of Default on Feb 9 notes ($1.39M Mast Hill, $1.17M Leonite) for missed payments; similar 60-day forbearance.
- Notice of Default on Feb 22 note ($878K Mast Hill) for missed payments; 60-day forbearance.
- Due to defaults, lenders have the right to convert notes into common shares, potentially diluting existing equity.
- Appointed Michele A. Chow-Tai as independent director, effective Aug 4; annual fee $35K cash + $35K equity.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
1847 Holdings LLC reported a default on loan of $500,000 with Leonite Fund I, LP.
- Instrument
- loan
- Principal
- $500,000
- Counterparty
- Leonite Fund I, LP
- Event
- default
Exact text from the filing
As previously disclosed, on February 3, 2023, 1847 Holdings LLC (the “Company”) issued a promissory note in the principal amount of $104,000 to Mast Hill Fund, L.P. (“ Mast Hill ”) and a promissory note in the principal amount of $500,000 to Leonite Fund I, LP (“ Leonite ”). These promissory notes (the “ February 3 Notes ”) are convertible into the Company’s common shares only upon an Event of Default (as defined in the February 3 Notes). On August 4, 2023, the Company received notices (the “ August 4 Notices ”) from Mast Hill and Leonite that an Event of Default has occurred under the February 3 Notes for failure to make certain payments when due.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
1847 Holdings LLC reported a default on loan of $878,000 with Mast Hill Fund, L.P..
- Instrument
- loan
- Principal
- $878,000
- Counterparty
- Mast Hill Fund, L.P.
- Event
- default
Exact text from the filing
As previously disclosed, on February 22, 2023, the Company issued a promissory note in the principal amount of $878,000 to Mast Hill (the “ February 22 Note ”). The February 22 Note is convertible into the Company’s common shares only upon an Event of Default (as defined in the February 22 Note). On August 10, 2023, the Company received a notice (the “ August 10 Notice ”) from Mast Hill that an Event of Default has occurred under the February 22 Note for failure to make certain payments when due.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
1847 Holdings LLC reported a default on loan of $1,390,909 with Mast Hill Fund, L.P..
- Instrument
- loan
- Principal
- $1,390,909
- Counterparty
- Mast Hill Fund, L.P.
- Event
- default
Exact text from the filing
As previously disclosed, on February 9, 2023, the Company issued a promissory note in the principal amount of $1,390,909 to Mast Hill and a promissory note in the principal amount of $1,166,667 to Leonite. These promissory notes (the “ February 9 Notes ”) are convertible into the Company’s common shares only upon an Event of Default (as defined in the February 9 Notes). On August 9, 2023, the Company received notices (the “ August 9 Notices ”) from Mast Hill and Leonite that an Event of Default has occurred under the February 9 Notes for failure to make certain payments when due.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
1847 Holdings LLC reported a default on loan of $104,000 with Mast Hill Fund, L.P..
- Instrument
- loan
- Principal
- $104,000
- Counterparty
- Mast Hill Fund, L.P.
- Event
- default
Exact text from the filing
As previously disclosed, on February 3, 2023, 1847 Holdings LLC (the “Company”) issued a promissory note in the principal amount of $104,000 to Mast Hill Fund, L.P. (“ Mast Hill ”) and a promissory note in the principal amount of $500,000 to Leonite Fund I, LP (“ Leonite ”). These promissory notes (the “ February 3 Notes ”) are convertible into the Company’s common shares only upon an Event of Default (as defined in the February 3 Notes). On August 4, 2023, the Company received notices (the “ August 4 Notices ”) from Mast Hill and Leonite that an Event of Default has occurred under the February 3 Notes for failure to make certain payments when due.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
1847 Holdings LLC reported a default on loan of $1,166,667 with Leonite Fund I, LP.
- Instrument
- loan
- Principal
- $1,166,667
- Counterparty
- Leonite Fund I, LP
- Event
- default
Exact text from the filing
As previously disclosed, on February 9, 2023, the Company issued a promissory note in the principal amount of $1,390,909 to Mast Hill and a promissory note in the principal amount of $1,166,667 to Leonite. These promissory notes (the “ February 9 Notes ”) are convertible into the Company’s common shares only upon an Event of Default (as defined in the February 9 Notes). On August 9, 2023, the Company received notices (the “ August 9 Notices ”) from Mast Hill and Leonite that an Event of Default has occurred under the February 9 Notes for failure to make certain payments when due.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Michele A. Chow-Tai was appointed as director at 1847 Holdings LLC.
- Action
- appointed
- Role
- director
Exact text from the filing
On August 4, 2023, upon recommendation of the Nominating and Corporate Governance Committee, the Board of Directors of the Company (the “ Board ”) appointed Ms. Michele A. Chow-Tai to the Board to fill an existing vacancy.
View on SEC.gov
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