Bantec, Inc.: debt financing — Bantec issues $40K convertible note to 1800 Diagonal Lending at 10% interest

Bantec, Inc.

Principal amount $40,000; interest 10% per annum (22% default rate); matures Dec 11, 2024.
Conversion price set at 65% of the average of the two lowest closing prices in prior 15 trading days.
Prepayment allowed: 120% of principal within 60 days, escalating to 130% through day 180.
Proceeds used for general working capital; funding received Dec 18, 2023.
Note is unsecured; includes customary events of default with penalties up to 150% of default sum.

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

Bantec, Inc. incurred convertible notes of $40,000 with 1800 Diagonal Lending LLC at 10% per annum maturing December 11, 2024.

Instrument: convertible notes
Principal: $40,000
Counterparty: 1800 Diagonal Lending LLC
Rate: 10% per annum
Maturity: December 11, 2024
Event: incurrence

Exact text from the filing

Bantec, Inc. (the “Company”) and 1800 Diagonal Lending LLC (“Lender”)entered into the Securities Purchase Agreement, dated as of December 11, 2023 (the “Agreement”), pursuant to which the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $40,000.

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

Bantec, Inc. entered into Securities Purchase Agreement with 1800 Diagonal Lending LLC valued at $40,000 (effective 2023-12-11).

Action: entry
Agreement: notes offering
Counterparty: 1800 Diagonal Lending LLC
Value: $40,000
Effective: 2023-12-11

Exact text from the filing

Bantec, Inc. (the “Company”) and 1800 Diagonal Lending LLC (“Lender”)entered into the Securities Purchase Agreement, dated as of December 11, 2023 (the “Agreement”), pursuant to which the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $40,000.

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-097411

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