Midwest Energy Emissions extends $13.2M note maturity to 2025, increases profit share by $4.5M

Birchtech Corp.

Unsecured note maturity extended from Oct 31, 2022 to Aug 25, 2025; principal outstanding $13,154,931.
Profit share increased by $4.5M to $17,654,931; payable from net litigation proceeds, revenue share, and equity offering proceeds.
Secured note ($271,686) maturity also extended to Aug 25, 2025; interest rate reduced from 15% to 9% per annum.
Company granted option to repurchase AC Midwest shares at $0.50/share until Aug 25, 2025 or until AC Midwest ownership falls below 5%.
Prior Debt Repayment Agreement terminated after $12M equity offering condition unmet by June 30, 2022.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Birchtech Corp. amended Amendment No. 1 to the Unsecured Note Financing Agreement and Reaffirmation of Guaranty with AC Midwest Energy LLC (effective 2022-10-28).

Action: amendment
Agreement: credit facility
Counterparty: AC Midwest Energy LLC
Effective: 2022-10-28

Exact text from the filing

entered into Amendment No. 1 to the Unsecured Note Financing Agreement and Reaffirmation of Guaranty (“Amendment No. 1”) with AC Midwest Energy LLC (“AC Midwest”) which amended certain provisions of the Unsecured Note Financing Agreement and Reaffirmation of Guaranty entered into with AC Midwest on February 25, 2019

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Birchtech Corp. entered into Repurchase Option Agreement with AC Midwest Energy LLC (effective 2022-10-28).

Action: entry
Counterparty: AC Midwest Energy LLC
Effective: 2022-10-28

Exact text from the filing

entered into a Repurchase Option Agreement pursuant to which the Company shall have the option to repurchase a portion of the shares of common stock of the Company owned by AC Midwest at a purchase price of $0.50 per share

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Birchtech Corp. amended Amendment No. 4 to Amended and Restated Financing Agreement and Reaffirmation of Guaranty with AC Midwest Energy LLC (effective 2022-10-28).

Action: amendment
Agreement: credit facility
Counterparty: AC Midwest Energy LLC
Effective: 2022-10-28

Exact text from the filing

entered into Amendment No. 4 to Amended and Restated Financing Agreement and Reaffirmation of Guaranty (“Amendment No. 4”) with AC Midwest which extended the maturity date of the Secured Note from October 31, 2022 to August 25, 2025

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Birchtech Corp. terminated Termination Agreement with AC Midwest Energy LLC (effective 2022-10-28).

Action: termination
Agreement: settlement
Counterparty: AC Midwest Energy LLC
Effective: 2022-10-28

Exact text from the filing

The Company, MES and AC Midwest entered into a Termination Agreement (the “Termination Agreement”) on October 28, 2022 related to the Debt Repayment Agreement and Exchange Agreement entered into on June 1, 2021

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281 material agreements filed in the last 30 days. Browse all material agreements →

Birchtech Corp. filing history →

Source: SEC EDGAR

accession 0001477932-22-008126

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