Aditxt enters new $1.4M secured loan; refinances prior debt with 48.5% interest charge

Aditxt, Inc.

New loan of $1,400,000 with $70,000 origination fee; net disbursement $40,720 after paying off existing April and July loans.
Total repayment amount $2,079,000 payable in 21 weekly installments of $99,000; interest charge $679,000 (48.5% non-annualized rate).
Loan refinances outstanding April loan ($1,060,000) and July loan ($215,000) with the same lender.
Lender granted secondary security interest in company assets, subordinated to prior secured noteholders (up to $3M) and a $2.88M receivable purchase agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Aditxt, Inc. entered into August Loan Agreement with a commercial funding source (the "Lender") valued at principal amount of $1,400,000 (effective 2023-08-23).

Action: entry
Agreement: credit facility
Counterparty: a commercial funding source (the "Lender")
Value: principal amount of $1,400,000
Effective: 2023-08-23

Exact text from the filing

On August 23, 2023, we entered into a Business Loan and Security Agreement (the “August Loan Agreement”) with the Lender pursuant to which we obtained a loan from the Lender in the principal amount of $1,400,000, which will satisfy the outstanding balances on the April Loan and the July Loan and includes origination fees of $70,000

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Aditxt, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-071245

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