Nogin, Inc.: debt financing — Nogin files Chapter 11 bankruptcy; restructuring likely to wipe out common stock and warrants

Nogin, Inc.

Filed voluntary Chapter 11 petitions on Dec 5, 2023 in Delaware Bankruptcy Court.
Restructuring support agreement contemplates sale of company; common stock holders expected to receive no distribution.
Entered $24.7M DIP facility with BRF Finance Co. to repay bridge note and fund operations.
Convertible Noteholders to receive $15.5M payment and priority claim on litigation proceeds.
Chapter 11 filing triggers acceleration of $8.53M bridge note and 7% convertible notes due 2026.

item 1.03 item 2.03 item 1.01 item 2.04 item 8.01

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

Nogin, Inc. faced acceleration on senior notes.

Instrument: senior notes
Event: acceleration

Exact text from the filing

the filing of the Chapter 11 Cases constitutes an event of default that accelerated and, as applicable, increased certain obligations under the following debt instruments and agreements (collectively, the “Debt Instruments” and each individually, a “Debt Instrument”): (i) the Bridge Note; and (ii) the Indenture dated as of August 26, 2022 governing the Convertible Notes.

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Source: SEC EDGAR

accession 0001213900-23-094753

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