Upexi pays off $15M senior secured debt, expects $900k annual interest savings

UPEXI, INC.

Paid outstanding balance on $15M senior secured debt facility; registration statement covering loan to be terminated.
Annualized interest expense expected to decrease by approximately $900,000.
Sale of CBD assets provided flexibility to reduce overall expenses.
CEO Allan Marshall states balance sheet now allows working with commercial lenders at more attractive rates.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

UPEXI, INC. terminated Letter Agreement with two accredited investors valued at $7,500,000 in convertible notes and all security interests cancelled (effective 2022-10-31).

Action: termination
Agreement: notes offering
Counterparty: two accredited investors
Value: $7,500,000 in convertible notes and all security interests cancelled
Effective: 2022-10-31

Exact text from the filing

On October 31, 2022, Grove, Inc. (the “Company”) entered into a Letter Agreement pursuant to which it paid in full all amounts owed to two accredited investors from which the Company originally received $7,500,000, less fees and costs. The related convertible notes and all security interests have been cancelled, and the Company intends to promptly terminate the related Form S-3 registration statement.

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UPEXI, INC. filing history →

Source: SEC EDGAR

accession 0001477932-22-008144

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