secwatch.observer — SEC 8-K summary
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Issuer:     ID Auto, Inc. (—)
CIK:        0001698113
Form:       8-K
Filed at:   2023-11-08T23:59:59+00:00
Accession:  0001213900-23-084809
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PARTS iD enters $1M emergency bridge loan at 7.75%, secured by litigation proceeds, as potential DIP financing
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698113/000121390023084809/0001213900-23-084809-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698113/000121390023084809/ea187736-8k_partsid.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-084809

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