STRYVE FOODS, INC.: debt financing — Stryve Foods issues $4.1M in secured notes at 12% interest with warrants to insiders

STRYVE FOODS, INC.

$4.1M in secured promissory notes issued to accredited investors including management and board members.
Notes bear 12% annual interest, mature by Dec 31, 2023 or upon next equity raise of at least $3M.
Each lender received warrants to purchase 1 share per $0.5134 of principal; 7,964,550 warrants total.
Warrants exercisable immediately at $0.5134 per share, expire in 3 years 3 months.
Proceeds intended to fund working capital and support growth amid increasing demand.

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

STRYVE FOODS, INC. incurred senior notes of $4.1 million with select accredited investors at 12% maturing upon the earlier of (i) December 31, 2023, or (ii) the closing of the next sale (or series of related sales) by the Company of its equity securities (other than.

Instrument: senior notes
Principal: $4.1 million
Counterparty: select accredited investors
Rate: 12%
Maturity: upon the earlier of (i) December 31, 2023, or (ii) the closing of the next sale (or series of related sales) by the Company of its equity securities (other than
Event: incurrence

Exact text from the filing

On April 19, 2023, Stryve Foods, Inc. (the “Company”) issued an aggregate of $4.1 million in principal amount of secured promissory notes (the “Notes”) to select accredited investors (including certain members of the Company’s management and Board of Directors) (the “Lenders”).

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Source: SEC EDGAR

accession 0001493152-23-013167

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