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:  0001437749-25-008330
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bantec restructures $142,668 debt with Matterhorn Partners via convertible note
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- Consented to assignment of $142,668.49 debt from Frondeur to Matterhorn; issued amended restated convertible note.
- Note bears 12% interest, matures Dec 18, 2025; convertible at 70% of market price (30% discount).
- Conversion limited to 9.99% beneficial ownership; monthly cap of $40,000 per 30-day period until maturity or default.
- Amends/restates eight prior notes from Oct 2022–May 2023 (each $15,000 principal) plus accrued interest.
- If conversion shares not delivered within 3 business days, company pays $2,000/day late fee.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704795/000143774925008330/0001437749-25-008330-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704795/000143774925008330/bant20250319c_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-008330

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