ID Auto, Inc.: debt financing — PARTS iD enters $1M emergency bridge loan at 7.75%, secured by litigation proceeds, as potential DIP financing

ID Auto, Inc.

$1M junior secured note issued to 2642186 Ontario Inc.; 7.75% interest, matures Nov 2, 2024.
Note secured by junior interest in proceeds from two pending IP litigations; subordinated to Pravati Capital litigation funding.
Loan described as emergency bridge to possible debtor-in-possession financing facility.
Proceeds to be used for working capital and repayment of current indebtedness.

item 1.01 item 2.03 item 9.01

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

ID Auto, Inc. incurred loan of $1,000,000 with 2642186 Ontario Inc. at 7.75% per annum maturing November 2, 2024.

Instrument: loan
Principal: $1,000,000
Counterparty: 2642186 Ontario Inc.
Rate: 7.75% per annum
Maturity: November 2, 2024
Event: incurrence

Exact text from the filing

On November 2, 2023, PARTS iD, Inc., a Delaware corporation (the “Company”) entered into a Note Purchase Agreement (the “Purchase Agreement”) whereby the Company agreed to issue and sell to 2642186 Ontario Inc. (“Ontario”), in a private placement, a junior secured promissory note in the aggregate principal amount of $1,000,000 (the “Note”).

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

ID Auto, Inc. entered into Note Purchase Agreement with 2642186 Ontario Inc. valued at $1,000,000 (effective 2023-11-02).

Action: entry
Agreement: notes offering
Counterparty: 2642186 Ontario Inc.
Value: $1,000,000
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, PARTS iD, Inc., a Delaware corporation (the “Company”) entered into a Note Purchase Agreement (the “Purchase Agreement”) whereby the Company agreed to issue and sell to 2642186 Ontario Inc. (“Ontario”), in a private placement, a junior secured promissory note in the aggregate principal amount of $1,000,000 (the “Note”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-084809

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