RiskOn International, Inc.: debt financing — RiskOn receives default notice on $6.875M notes; Ault becomes Exec Chairman, Spaziano named CEO

RiskOn International, Inc.

Received default notice from investor due to failure to list common stock on eligible market and failure to repay notes at maturity.
Milton C. Ault III resigned as CEO, appointed Executive Chairman; Joseph M. Spaziano resigned as COO, appointed CEO effective April 30.
Both Ault and Spaziano currently uncompensated for their new roles.
Bonus pool of $25M triggered if BitNile.com revenue reaches $100M; Ault eligible for $10M.
Company intends to defend its position if no amicable resolution with investors.

item 2.04 item 5.02 item 9.01

Executive movements

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Role change

Milton C. Ault, III

Executive Chairman

RiskOn International, Inc.

Effective: 2024-04-30
Successor: Joseph M. Spaziano
Filed: May 1, 2024, 7:59 PM ET

On the Effective Date, the Company appointed Mr. Ault as its Executive Chairman.

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

RiskOn International, Inc. reported a default on convertible notes of $6,875,000 with Investors maturing maturity date.

Instrument: convertible notes
Principal: $6,875,000
Counterparty: Investors
Maturity: maturity date
Event: default

Exact text from the filing

” and collectively, the “ Investors ”), senior secured convertible notes (individually, a “ Note ” and collectively, the “ Notes ”) with an aggregate principal face amount of $6,875,000, which such Notes are convertible into shares of common stock, par value $0.001 per share of the Company (the “ Common Stock ”) and five-year warrants to purchase an aggregate of

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Executive change SEC 8-K Item 5.02 confidence 0.95

Milton C. Ault, III was appointed as Executive Chairman at RiskOn International, Inc..

Action: appointed
Role: Executive Chairman

Exact text from the filing

On the Effective Date, the Company appointed Mr. Ault as its Executive Chairman.

View on SEC.gov

312 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001214659-24-008027

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