ID Auto, Inc.: debt financing — PARTS iD enters amended $2.3M secured note with CEO & CIO; proceeds for working capital

ID Auto, Inc.

Amended note totals $2.3M: $1M from CIO Sanjiv Gomes (7.75% interest) and $1.3M from CEO Lev Peker (0% interest), maturing Dec 11, 2024.
Note is junior secured and subordinated to Lind Global Fund II debt; proceeds used for working capital and debt repayment.
Company states the note is intended to bridge to a possible debtor-in-possession financing facility, signaling financial distress.
All disinterested directors and Audit Committee approved the insider transaction.

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 debt of $2,300,000 with Sanjiv Gomes and Lev Peker at 7.75% per annum (on Gomes portion); 0% (on Peker portion) maturing December 11, 2024.

Principal: $2,300,000
Counterparty: Sanjiv Gomes and Lev Peker
Rate: 7.75% per annum (on Gomes portion); 0% (on Peker portion)
Maturity: December 11, 2024
Event: incurrence

Exact text from the filing

The total aggregate principal amount of the Amended Note is $2,300,000. The Amended Note matures on December 11, 2024 (the “Maturity Date”).

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Source: SEC EDGAR

accession 0001213900-23-095403

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