secwatch.observer — SEC 8-K summary
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Issuer:     ID Auto, Inc. (—)
CIK:        0001698113
Form:       8-K
Filed at:   2023-12-13T23:59:59+00:00
Accession:  0001213900-23-095403
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PARTS iD enters amended $2.3M secured note with CEO & CIO; proceeds for working capital
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698113/000121390023095403/0001213900-23-095403-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698113/000121390023095403/ea189896-8k_partsid.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-095403

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