Avenir Wellness Solutions, Inc.: debt financing — Avenir Wellness secures $250K loan from CEO Nancy Duitch; draws $39K initially

Avenir Wellness Solutions, Inc.

Loan facility up to $250,000 from CEO Nancy Duitch; initial draw of $39,000 on Jan 4, 2024.
Interest at 12% per annum (18% on default); maturity on demand or by March 31, 2024.
Company granted security interest in all present and future personal property.
Loan may be prepaid without penalty; additional advances up to $211,000 available.

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

Avenir Wellness Solutions, Inc. incurred loan of $250,000 with Nancy Duitch at 12% per annum, or 18% in the event of default maturing March 31, 2024.

Instrument: loan
Principal: $250,000
Counterparty: Nancy Duitch
Rate: 12% per annum, or 18% in the event of default
Maturity: March 31, 2024
Event: incurrence

Exact text from the filing

On January 4, 2024, Avenir Wellness Solutions, Inc. (the “Company”) and Nancy Duitch, the Chief Executive Officer of the Company (the “Executive”), entered into that certain Senior Secured Promissory Note and Security Agreement (the “Agreement”). The Agreement provides for a secured loan facility of up to $250,000, of which the Company borrowed an initial amount of $39,000 (the “Initial Principal Amount”) on January 4, 2024.

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Source: SEC EDGAR

accession 0001477932-24-000136

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