secwatch.observer — SEC 8-K summary
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Issuer:     Bantec, Inc. (—)
CIK:        0001704795
Form:       8-K
Filed at:   2025-03-19T23:59:59+00:00
Accession:  0001437749-25-008329
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bantec issues $625K convertible note to Matterhorn after Trillium assignment
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704795/000143774925008329/0001437749-25-008329-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704795/000143774925008329/bant20250319_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-008329

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer