secwatch.observer — SEC 8-K summary
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Issuer:     Eightco Holdings Inc. (ORBS)
CIK:        0001892492
Form:       8-K
Filed at:   2023-06-05T23:59:59+00:00
Accession:  0001493152-23-020145
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Eightco subsidiary enters $1.925M loan at 15% interest, exchanges $1.65M old notes
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- Forever 8 Fund LLC borrowed $1,925,000 as initial advance under Loan and Security Agreement dated May 30, 2023.
- Loan bears 15% per annum interest, matures June 30, 2024 (extendable to Sept 30, 2024); unused commitment fee is 5% per annum.
- Debt Exchange Agreement exchanged $1,650,000 of old secured promissory notes for new notes under the same loan terms.
- Collateral includes inventory, equipment, and machinery purchased with loan proceeds.
- Default interest rate increases to 20% (15% plus 5%) upon event of default.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1892492/000149315223020145/0001493152-23-020145-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1892492/000149315223020145/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-020145

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