---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-012635"
form_type: "8-K"
ticker: null
cik: "0001810140"
company_name: "Polished.com Inc."
filed_at: "2024-02-12T23:59:59+00:00"
generated_at: "2026-06-06T04:24:53.399997+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Polished.com receives acceleration notice on $91.25M credit facility; BofA demands immediate repayment

## Summary
- On Feb 6, 2024, Bank of America demanded immediate repayment of $91.25M principal plus accrued interest under Credit Agreement.
- Default triggered by non-payment of amounts due Jan 31, 2024; default rate interest now applies.
- BofA exercised set-off against subsidiary deposits totaling $1,989,754.83, applied to outstanding obligations.
- Company is seeking resolution but warns failure could cause material adverse effect on liquidity and possible bankruptcy.
- Outstanding principal balance as of Feb 12, 2024 was $91.25M.

## SEC filing metadata
- accession: 0001213900-24-012635
- form_type: 8-K
- cik: 0001810140
- company_name: Polished.com Inc.
- filed_at: 2024-02-12T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1810140/000121390024012635/0001213900-24-012635-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1810140/000121390024012635/ea193489-8k_polished.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-012635
- JSON: https://secwatch.observer/filing/0001213900-24-012635.json
- Plain text: https://secwatch.observer/filing/0001213900-24-012635.txt

## Key facts
- Debt Financings
  Polished.com Inc. faced acceleration on credit facility of $91,250,000 with Bank of America, N.A. at Default Rate.
  - Instrument: credit facility
  - Principal: $91,250,000
  - Counterparty: Bank of America, N.A.
  - Rate: Default Rate
  - Event: acceleration
  source text: the Credit Agreement and each other Loan Document (as defined in the Credit Agreement). As of February 12, 2024, the outstanding principal balance under the Credit Agreement was $91,250,000. The Notice of Acceleration declares that the Company’s outstanding obligations under the Credit Agreement bear interest at the Default Rate (as defined in the Credit Agreement)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810140/000121390024012635/0001213900-24-012635-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.