---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-067716"
form_type: "8-K"
ticker: null
cik: "0001704795"
company_name: "Bantec, Inc."
filed_at: "2023-08-15T23:59:59+00:00"
generated_at: "2026-06-11T09:29:57.972544+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Bantec restructures $8.7M debt: extends maturity to 2047, cuts interest to 2%, removes conversion right

## Summary
- Principal amount of $8,676,957 under Second Replacement Promissory Note issued to Ekimnel Strategies (controlled by CEO Michael Bannon).
- Maturity date extended to August 12, 2047; interest rate lowered to 2.0% per annum.
- Interest payments start August 12, 2026; interest accruing from Aug 2023 to Aug 2026 is added to principal.
- Lender's conversion right into common stock removed entirely.
- Amendment consolidates two prior replacement notes into one note; all prior Loan Documents remain in effect.

## SEC filing metadata
- accession: 0001213900-23-067716
- form_type: 8-K
- cik: 0001704795
- company_name: Bantec, Inc.
- filed_at: 2023-08-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1704795/000121390023067716/0001213900-23-067716-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1704795/000121390023067716/ea183628-8k_bantec.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-067716
- JSON: https://secwatch.observer/filing/0001213900-23-067716.json
- Plain text: https://secwatch.observer/filing/0001213900-23-067716.txt

## Key facts
- Debt Financings
  Bantec, Inc. amended senior notes of $8,676,957 with Ekimnel Strategies, LLC at 2.0% per year maturing August 12, 2047.
  - Instrument: senior notes
  - Principal: $8,676,957
  - Counterparty: Ekimnel Strategies, LLC
  - Rate: 2.0% per year
  - Maturity: August 12, 2047
  - Event: amendment
  source text: On August 12, 2023, the Company, as the Borrower, and the Company’s subsidiaries: Drone USA, LLC and Howco Distributing Co., as Corporate Guarantors, and Michael Bannon, as a Validity Guarantor (collectively, “Credit Parties”), entered into an Amendment (the “Amendment”) to the Agreement with Ekimnel, as the Lender, pursuant to which the Company issued the Second Replacement Promissory Note (the “Note”) to Ekimnel in the principal amount of $8,676,957.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1704795/000121390023067716/0001213900-23-067716-index.htm
- Material Agreements
  Bantec, Inc. amended Amendment with Ekimnel Strategies, LLC valued at $8,676,957 (effective 2023-08-12).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Ekimnel Strategies, LLC
  - Value: $8,676,957
  - Effective: 2023-08-12
  source text: the Company, as the Borrower, and the Company’s subsidiaries: Drone USA, LLC and Howco Distributing Co., as Corporate Guarantors, and Michael Bannon, as a Validity Guarantor (collectively, “Credit Parties”), entered into an Amendment (the “Amendment”) to the Agreement with Ekimnel, as the Lender, pursuant to which the Company issued the Second Replacement Promissory Note (the “Note”) to Ekimnel in the principal amount of $8,676,957.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1704795/000121390023067716/0001213900-23-067716-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.