Appreciate Holdings, Inc.: debt financing — Forbearance terminated; St. Cloud may foreclose on Appreciate Holdings' assets

Appreciate Holdings, Inc.

Second forbearance agreement with St. Cloud expired Aug 24, 2023 after milestone not met.
Forbearance termination allows St. Cloud to exercise secured lender remedies.
If no new agreement, St. Cloud could foreclose on substantially all company assets.
Company continues discussions with St. Cloud regarding path forward.

item 2.04

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Appreciate Holdings, Inc. reported a default on credit facility with St. Cloud Capital Partners III SBIC, LP.

Instrument: credit facility
Counterparty: St. Cloud Capital Partners III SBIC, LP
Event: default

Exact text from the filing

As of August 24, 2023, the Company has not satisfied a certain milestone in the Second Forbearance Agreement. As a result, St. Cloud’s agreement to forbear from exercising any rights and remedies under its senior secured debt facilities or under applicable law with respect to any existing defaults thereunder or any failure to comply with certain financial covenants for a specified period of time is terminated.

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Source: SEC EDGAR

accession 0001213900-23-072131

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