TREES Corp (Colorado) (CANN): debt financing — Trees Corporation Amends Senior Secured Convertible Notes and Secures Working Capital

TREES Corp (Colorado)

Entered into amended notes with aggregate principal of $13.5M, with $3.375M subject to mandatory conversion under trigger events.
Interest payments deferred until March 2024; catch-up payments begin December 2024.
Conversion price set at $0.50 per share for up to $3.375M; warrant exercise price reduced to $0.40 per share, extended to 2029.
Lead Investor to provide up to $250k working capital note with 1.25x-1.5x liquidation preference; up to $500k additional M&A financing.
Amendments include changes to conversion terms, deferred interest, and reduced warrant exercise price.

item 1.01 item 2.03 item 3.02 item 9.01

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

TREES Corp (Colorado) amended convertible notes of $13,500,000 with certain accredited investors.

Instrument: convertible notes
Principal: $13,500,000
Counterparty: certain accredited investors
Event: amendment

Exact text from the filing

note offering consummated in September 2022, pursuant to which the Company issued and sold senior secured convertible notes (the “Notes”) with an aggregate principal amount of $13,500,000 (“Principal Amount”) to such Investors (“Original Note Offering”). The material terms of the Amended Notes include no changes to the aggregate principal amount; the maturity

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

TREES Corp (Colorado) entered into Working Capital Note with Lead Investor valued at $250,000 (effective 2023-12-15).

Action: entry
Agreement: credit facility
Counterparty: Lead Investor
Value: $250,000
Effective: 2023-12-15

Exact text from the filing

● Working capital – Lead Investor agreed to provide additional $250,000 on or after closing in a separate ‘Working Capital

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

TREES Corp (Colorado) amended First Amendment to Securities Purchase Agreement and Security Agreement with Lead Investor (effective 2023-12-15).

Action: amendment
Agreement: equity purchase
Counterparty: Lead Investor
Effective: 2023-12-15

Exact text from the filing

● Working capital – Lead Investor agreed to provide additional $250,000 on or after closing in a separate ‘Working Capital

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

TREES Corp (Colorado) entered into Amended and Restated Senior Secured Convertible Notes with certain accredited investors valued at aggregate principal amount of $13,500,000 (effective 2023-12-15).

Action: entry
Agreement: notes offering
Counterparty: certain accredited investors
Value: aggregate principal amount of $13,500,000
Effective: 2023-12-15

Exact text from the filing

On December 15, 2023, the Company entered into Amended and Restated Senior Secured Convertible Notes (“Amended Notes”) with certain accredited investors (“Investors”) party to that certain note offering consummated in September 2022, pursuant to which the Company issued and sold senior secured convertible notes (the “Notes”) with an aggregate principal amount of $13,500,000 (“Principal Amount”) to such Investors (“Original Note Offering”).

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TREES Corp (Colorado) filing history →

Source: SEC EDGAR

accession 0001213900-23-097475

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