SHF Holdings, Inc. (SHFS): debt financing — SHF Holdings receives default notice on $2.17M promissory note with EF Hutton

SHF Holdings, Inc.

On Nov 2, 2022, EF Hutton issued default notice for missed $362,625 installment due Oct 31 on $2,166,250 note.
Accelerated remaining principal of $1,450,500 plus default interest at 24% per annum demanded immediately.
EF Hutton threatened legal action if full payment not received by Nov 7, 2022.
Company is investigating remedies and intends to defend against any claims.

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

SHF Holdings, Inc. reported a default on debt of $2,166,250 with EF Hutton, a division of Benchmark Investments, LLC at 24% per annum maturing January 31, 2023.

Principal: $2,166,250
Counterparty: EF Hutton, a division of Benchmark Investments, LLC
Rate: 24% per annum
Maturity: January 31, 2023
Event: default

Exact text from the filing

promissory note (the “Note”) with EF Hutton, a division of Benchmark Investments, LLC (“EF Hutton”). Pursuant to the Note, the Company is indebted to EF Hutton in the amount of $2,166,250. The Note provides that SHF was obligated to pay EF Hutton the principal sum of $2,166,250 on the following schedule: (i) $715,750 on October 14, 2022 and (ii) $362,625 on each

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SHF Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-031002

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