secwatch.observer — SEC 8-K summary
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Issuer:     Polished.com Inc. (—)
CIK:        0001810140
Form:       8-K
Filed at:   2024-02-12T23:59:59+00:00
Accession:  0001213900-24-012635
Event type: debt
Sentiment:  negative
Materiality: 0.95
Item codes: 2.04
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1810140/000121390024012635/0001213900-24-012635-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1810140/000121390024012635/ea193489-8k_polished.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-012635

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