SKYX Platforms Corp. (SKYX): debt financing — SKYX signs deal to acquire Belami with $86M revenue; $8.1M private placement closed

SKYX Platforms Corp.

Acquires Belami Inc., an e-commerce lighting conglomerate with $86M in revenues and 64 websites.
Total consideration: up to 5,223,991 SKYX shares plus $8M cash at close and $4M deferred cash.
Cash portion fully funded by two major existing investors via $8.1M convertible note private placement with 50% warrant coverage.
SKYX will assume Belami's $2M revolving line and ~$2.5M term loan from PNC Bank.
Closing expected in coming months subject to conditions; $1M deposit placed into escrow.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

SKYX Platforms Corp. incurred term loan of a term loan of approximately $2.5 million with PNC Bank, National Association at not disclosed maturing not disclosed.

Instrument: term loan
Principal: a term loan of approximately $2.5 million
Counterparty: PNC Bank, National Association
Rate: not disclosed
Maturity: not disclosed
Event: incurrence

Exact text from the filing

The Company also agreed to assume Belami’s loan agreement with PNC Bank, National Association, consisting of a $2.0 million revolving line of credit and a term loan of approximately $2.5 million.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SKYX Platforms Corp. incurred revolving credit of a $2.0 million revolving line of credit with PNC Bank, National Association at not disclosed maturing not disclosed.

Instrument: revolving credit
Principal: a $2.0 million revolving line of credit
Counterparty: PNC Bank, National Association
Rate: not disclosed
Maturity: not disclosed
Event: incurrence

Exact text from the filing

The Company also agreed to assume Belami’s loan agreement with PNC Bank, National Association, consisting of a $2.0 million revolving line of credit and a term loan of approximately $2.5 million.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

SKYX Platforms Corp. incurred convertible notes of subordinated secured convertible promissory notes in the aggregate principal amount of $8.1 million with certain existing Company investors at not disclosed maturing not disclosed.

Instrument: convertible notes
Principal: subordinated secured convertible promissory notes in the aggregate principal amount of $8.1 million
Counterparty: certain existing Company investors
Rate: not disclosed
Maturity: not disclosed
Event: incurrence

Exact text from the filing

On February 6, 2023 (the “Closing Date”), the Company closed a private placement offering (the “Private Placement”) pursuant to a securities purchase agreement (the “Private Placement Agreement”) with certain existing Company investors, providing for the issuance and sale by the Company to such investors of (i) subordinated secured convertible promissory notes in the aggregate principal amount of $8.1 million (the “Notes”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

SKYX Platforms Corp. entered into Private Placement Agreement with certain existing Company investors valued at aggregate principal amount of $8.1 million (effective 2023-02-06).

Action: entry
Agreement: notes offering
Counterparty: certain existing Company investors
Value: aggregate principal amount of $8.1 million
Effective: 2023-02-06

Exact text from the filing

On February 6, 2023 (the “Closing Date”), the Company closed a private placement offering (the “Private Placement”) pursuant to a securities purchase agreement (the “Private Placement Agreement”) with certain existing Company investors, providing for the issuance and sale by the Company to such investors of (i) subordinated secured convertible promissory notes in the aggregate principal amount of $8.1 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

SKYX Platforms Corp. entered into Stock Purchase Agreement with stockholders of Belami, Inc. (effective 2023-02-06).

Action: entry
Agreement: asset purchase
Counterparty: stockholders of Belami, Inc.
Effective: 2023-02-06

Exact text from the filing

On February 6, 2023 (the “Signing Date”), SKYX Platforms Corp. (d/b/a Sky Technologies) (the “Company”) entered into the Stock Purchase Agreement (the “Stock Purchase Agreement”) with the stockholders (the “Sellers”) of Belami, Inc., a California corporation (“Belami”), pursuant to which the Company will acquire all of the issued and outstanding shares of Belami from the Sellers

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37 debt financings filed in the last 30 days. Browse all debt financings →

SKYX Platforms Corp. filing history →

Source: SEC EDGAR

accession 0001493152-23-003799

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