Aditxt, Inc. (ADTX): debt financing — Aditxt receives lease default notice demanding $590,557; takes additional $20,000 loan at 15% from Sixth Borough

Aditxt, Inc.

Landlord LS Biotech Eight LLC issued default notice for unpaid rent of $431,182.32 and security deposit $159,375; total demand $590,557.31 due May 17.
Company working on resolution but no assurance of amicable or timely outcome.
Sixth Borough Capital loaned additional $20,000 on May 9 at 15% interest, due June 9, 2024, bringing balance to $55,256.
Prior Sixth Borough loan of $230,000 (April 2024) had $35,256 outstanding before this upsize.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Aditxt, Inc. reported a default on lease obligation of $590,557.31 with LS Biotech Eight, LLC at Default Rate as defined in the Lease.

Instrument: lease obligation
Principal: $590,557.31
Counterparty: LS Biotech Eight, LLC
Rate: Default Rate as defined in the Lease
Event: default

Exact text from the filing

On May 10, 2024, Aditxt, Inc. (the “ Company ”) received written notice (the “ Notice ”) from LS Biotech Eight, LLC (the “ Landlord ”) that the Company was in violation of its obligation to (i) pay Base Rent (as defined in the Lease) and Additional Rent (as defined in the Lease) in the amount of $431,182.32 in the aggregate, together with administrative charges and interest, as well as (ii) replenish the Security Deposit (as defined in the Lease) in the amount of $159,375.00, all as required under that certain Lease Agreement dated as of May 4, 2021 by and between the Landlord and the Company (the “ Lease ”). Pursuant to the Notice, the Landlord has demanded that a payment of $590,557.31 plus administrative charges and interest, which shall accrue at the Default Rate (as defined in the Lease) be made no later than May 17, 2024.

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Source: SEC EDGAR

accession 0001213900-24-042312

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