secwatch.observer — SEC 8-K summary
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Issuer:     Bantec, Inc. (—)
CIK:        0001704795
Form:       8-K
Filed at:   2023-08-15T23:59:59+00:00
Accession:  0001213900-23-067716
Event type: debt
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023067716/0001213900-23-067716-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023067716/ea183628-8k_bantec.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-067716

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