Bantec, Inc.: debt financing — Bantec issues $625K convertible note to Matterhorn after Trillium assignment

Bantec, Inc.

Trillium assigned Bantec debt ($276,444.95) and Series C Preferred ($348,555.05) to Matterhorn.
Issued amended restated convertible promissory note for $625,000 principal, due Dec 18, 2025.
Note has 12% interest (22% default rate), convertible at 70% of market price with $80,000 monthly cap.
Conversion limited to 9.99% beneficial ownership; holder cannot waive this restriction.
Note is secured by receivables and collection account under prior advance agreement.

item 1.01 item 2.03 item 3.02 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

Bantec, Inc. amended convertible notes of $625,000 with Matterhorn Partners LLC.

Instrument: convertible notes
Principal: $625,000
Counterparty: Matterhorn Partners LLC
Event: amendment

Exact text from the filing

the Company exchanged the Note and the Preferred Shares and issued an amended and restated convertible promissory note to Matterhorn in the principal amount of $625,000

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Source: SEC EDGAR

accession 0001437749-25-008329

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