secwatch.observer — SEC 8-K summary
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Issuer:     Bantec, Inc. (—)
CIK:        0001704795
Form:       8-K
Filed at:   2023-11-06T23:59:59+00:00
Accession:  0001213900-23-083852
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bantec issues $90,400 promissory note with 14% interest and variable conversion at 39% discount
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- Principal $90,400 includes $10,400 original issue discount; net proceeds ~$80,000.
- Ten monthly payments of $10,305.60; interest charge $12,565 (14%); maturity Aug 30, 2024.
- Note unsecured; default triggers 150% of outstanding + 22% default interest; convertible at 39% of lowest closing price in prior 10 trading days.
- Proceeds for general working capital; prior notes from 2021/2022 had been converted to common stock.
- Issued in private placement under Section 4(a)(2) and Regulation D.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023083852/0001213900-23-083852-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023083852/ea187773-8k_bantec.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-083852

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer