REGO PAYMENT ARCHITECTURES, INC. (RPMT): debt financing — Rego Payment secures $20M line of credit from major investor James Davison

REGO PAYMENT ARCHITECTURES, INC.

Existing shareholder James Davison provides $20M unsecured line of credit at 7% interest.
Funds repayable upon change of control or within one year if no change occurs.
Proceeds to support expansion of Banking-as-a-Platform services to financial institutions.
Company notes total capital raised of ~$100M for development and commercialization.
CEO states LOC positions REGO to execute 2023 strategic plan and achieve expansion goals.

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

REGO PAYMENT ARCHITECTURES, INC. incurred credit facility of up to twenty million dollars ($20,000,000) with James Davison at 7% per annum maturing (i) upon the execution and completion of a sale, merger or other transaction of the Company whereby the Company transfers its ownership and/or its assets to a t.

Instrument: credit facility
Principal: up to twenty million dollars ($20,000,000)
Counterparty: James Davison
Rate: 7% per annum
Maturity: (i) upon the execution and completion of a sale, merger or other transaction of the Company whereby the Company transfers its ownership and/or its assets to a t
Event: incurrence

Exact text from the filing

is an existing shareholder of the Company. Pursuant to the LOC Agreement, the Lender may extend unsecured loans to the Company in the amount of up to twenty million dollars ($20,000,000) which may be drawn upon by the Company for a period of one year in order to provide additional capital to facilitate the Company’s operations. Drawings may be made by the

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REGO PAYMENT ARCHITECTURES, INC. filing history →

Source: SEC EDGAR

accession 0001214659-23-003865

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