8-K
filed December 22, 2023, 6:59 PM ET
ticker SLE
CIK 0001621672
debt
confidence high
sentiment neutral
materiality 0.80
Super League Enterprise, Inc. (SLE): debt financing — Super League enters $4M receivables factoring and raises $2.98M in convertible preferred stock
Super League Enterprise, Inc.
- Enters $4M accounts receivable factoring facility with SLR Digital Finance; advance rate 85%, prime+2% financing fee, 0.30% servicing fee, minimum $400K/month utilization.
- Raised ~$2.978M via sale of 2,978 shares of Series AAA-2 Convertible Preferred at $1,000/share; initial conversion price $1.71, subject to adjustments.
- Exchanged 2,356 existing Series A/AA Preferred shares for new Series AAA-2 shares; holders also get additional investment rights.
- Issued Aegis Capital placement agent warrants for 252,520 SLE shares at $1.71; also exchanged prior warrants for 199,778 shares.
- Series AAA-2 Preferred pays dividends of 20% of underlying shares on 12- and 24-month anniversaries and has senior liquidation preference.
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
Super League Enterprise, Inc. incurred credit facility of $4,000,000 with SLR Digital Finance, LLC at prime rate plus 2% maturing 24 months from the Effective Date.
- Instrument
- credit facility
- Principal
- $4,000,000
- Counterparty
- SLR Digital Finance, LLC
- Rate
- prime rate plus 2%
- Maturity
- 24 months from the Effective Date
- Event
- incurrence
Exact text from the filing
by the face value of such Account (the “ Advance Rate ”), less any reserved funds and any other amounts due to Lender from Borrowers, up to a maximum aggregate Advance amount of $4,000,000 (the “ Maximum Amount ”)(the Advances on the Accounts is hereinafter, the “ Facility ”). Upon receipt of any Advance, Borrowers will have assigned all of its rights in such
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Super League Enterprise, Inc.: Filed Series AAA Certificate of Designation for preferred stock (effective 2023-12-22).
- Change
- charter amendment
- Effective
- 2023-12-22
Exact text from the filing
On December 22, 2023, the Company filed the Series AAA Certificate of Designation (as defined above), designating 5,334 shares of Series AAA Preferred (as defined above) in connection with the Offering (as defined above).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Super League Enterprise, Inc. entered into Subscription Agreements with accredited investors valued at aggregate gross proceeds of approximately $2,978,000 (effective 2023-12-22).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- accredited investors
- Value
- aggregate gross proceeds of approximately $2,978,000
- Effective
- 2023-12-22
Exact text from the filing
On December 22, 2023, the Company entered into subscription agreements (each, a “ Subscription Agreement ” and collectively, the “ Subscription Agreements ”) with accredited investors with respect to the sale of an aggregate of 2,978 shares of newly designated Series AAA-2 Convertible Preferred Stock, par value $0.001 per share (the “ Series AAA Preferred ”), at a purchase price of $1,000 per share, for aggregate gross proceeds to the Company of approximately $2,978,000 (the “ Offering ”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Super League Enterprise, Inc. entered into Financing and Security Agreement with SLR Digital Finance, LLC valued at maximum aggregate Advance amount of $4,000,000 (effective 2023-12-17).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- SLR Digital Finance, LLC
- Value
- maximum aggregate Advance amount of $4,000,000
- Effective
- 2023-12-17
Exact text from the filing
Financing and Security Agreement Super League Enterprise, Inc. (the “ Company ”), and certain of its subsidiaries (collectively with the Company, the “ Borrowers ”), entered into a Financing and Security Agreement (the “ Agreement ”) with SLR Digital Finance, LLC (“ Lender ”), effective December 17, 2023 (the “ Effective Date ”).
View on SEC.gov
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