RiceBran Technologies: debt financing — RiceBran Technologies secures $4M financing from Funicular Funds, repays term loan, exchanges warrants

RiceBran Technologies

Funicular invests $4M: $400K in stock at $0.18/share, $3.6M net secured note at 13.5% interest, 5-year maturity, warrants for 5.0M shares at $0.18.
Repaid ~$1.5M term loan to Republic; terminated note, mortgage, and amended receivables agreement with intercreditor arrangement.
Exchanged ~2.2M existing warrants for 628,810 common shares plus 1.2M new warrants (Sabby) exercisable at $0.2016 for 3 years.
Post-transaction: ~9.5M shares outstanding, ~16.4M fully diluted; Funicular could own 49.8% if warrants exercised.
Board continues exploring strategic alternatives to maximize asset and platform value; Tax Benefits Preservation Plan maintained.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

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

RiceBran Technologies incurred loan of $4,000,000 with Funicular Funds, LP at 13.50% maturing December 1, 2028.

Instrument: loan
Principal: $4,000,000
Counterparty: Funicular Funds, LP
Rate: 13.50%
Maturity: December 1, 2028
Event: incurrence

Exact text from the filing

evidencing the loan made to the Company by Funicular in the aggregate principal amount of $4 million

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Source: SEC EDGAR

accession 0001437749-23-033783

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