Can B Corp (NASC): debt financing — Can B Corp. issues $1.82M OID note, grant warrants; forbearance on $3.88M past-due notes

Can B Corp

Note principal $1,823,529 sold at $1,550,000 (15% OID); nine monthly installments of $232,500 starting April 27, 2023.
Warrant to purchase 1,307,190 shares at 90% of 5-day VWAP; exercisable Aug 27, 2023 to Aug 27, 2028.
Forbearance agreement with Arena on ~$3.877M past-due notes; forbearance until Dec 31, 2024; monthly receivable remittance to $5.7M.
Registration rights agreement: SEC filing due April 13, 2023 for shares from note/warrant; failure triggers 2% monthly penalty.
Multiple note amendments extend maturities to Sept 1, 2023; one exchange consolidates $852K notes into $937K note.

Key facts

Extracted from this filing and checked against the source text.

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

Can B Corp incurred loan of $1,823,529 principal amount (purchase price $1,550,000 with 15% original issue discount) with Investor at Non-interest bearing; default interest at 18% per annum maturing Payable in nine monthly installments of $232,500 commencing April 27, 2023, final payment approximately January 2024.

Instrument: loan
Principal: $1,823,529 principal amount (purchase price $1,550,000 with 15% original issue discount)
Counterparty: Investor
Rate: Non-interest bearing; default interest at 18% per annum
Maturity: Payable in nine monthly installments of $232,500 commencing April 27, 2023, final payment approximately January 2024
Event: incurrence

Exact text from the filing

On March 2, 2023, Can B Corp., a Florida corporation (the “Company”), completed the sale of a promissory note (the “Note”) in the principal amount of $1,823,529 to an investor (the “Investor”) pursuant to a Securities Purchase Agreement dated as of February 27, 2023.

View on SEC.gov

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

Can B Corp amended loan of Aggregate principal amount of $852,000 with Arena Special Opportunities Partners I, L.P. at Not specified in excerpt maturing Original maturities between August 24, 2022 and April 12, 2023; exchanged for a single note maturing September 1, 2023.

Instrument: loan
Principal: Aggregate principal amount of $852,000
Counterparty: Arena Special Opportunities Partners I, L.P.
Rate: Not specified in excerpt
Maturity: Original maturities between August 24, 2022 and April 12, 2023; exchanged for a single note maturing September 1, 2023
Event: amendment

Exact text from the filing

Notes . Contemporaneous with the sale of the Note and Warrant to the Investor, Arena Special Opportunities Partners I, L.P. and Arena otes in the aggregate principal amount of $852,000 having maturity dates between August 24, 2022 and April 12, 2023 agreed to exchange the notes for a single note that matures on September 1, 2023. ITEM 2.03. CREATION OFA DIRECT

View on SEC.gov

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

Can B Corp entered into Securities Purchase Agreement with Investor valued at $1,823,529 principal amount; $1,550,000 purchase price with 15% original issue discount (effective 2023-02-27).

Action: entry
Agreement: credit facility
Counterparty: Investor
Value: $1,823,529 principal amount; $1,550,000 purchase price with 15% original issue discount
Effective: 2023-02-27

Exact text from the filing

On March 2, 2023, Can B Corp., a Florida corporation (the “Company”), completed the sale of a promissory note (the “Note”) in the principal amount of $1,823,529 to an investor (the “Investor”) pursuant to a Securities Purchase Agreement dated as of February 27, 2023.

View on SEC.gov

Browse all debt financings →

Can B Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-007141

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.