secwatch.observer — SEC 8-K summary
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Issuer:     OLENOX INDUSTRIES INC. (OLOX)
CIK:        0001023994
Form:       8-K
Filed at:   2025-06-10T23:59:59+00:00
Accession:  0001213900-25-052773
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Safe & Green subsidiary Olenox enters $2M revolving credit line with Prosperity Bank
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- Olenox Corp, wholly-owned subsidiary, borrowed $2M from Prosperity Bank via promissory note dated June 2, 2025.
- Note bears 5% interest, due on demand or June 2, 2026; monthly interest payments begin July 2, 2025.
- Loan secured by Company's $2M certificate of deposit; net proceeds $1,984,998 after $15,002 fees.
- CEO Michael McLaren provides commercial guaranty; default interest rate 18%.
- Line of credit for general corporate purposes; lender has right of setoff against all borrower's accounts.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1023994/000121390025052773/0001213900-25-052773-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1023994/000121390025052773/ea0245203-8k_safe.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-052773

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