---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-025998"
form_type: "8-K/A"
ticker: null
cik: "0001413754"
company_name: "MARIZYME, INC."
filed_at: "2023-07-31T23:59:59+00:00"
generated_at: "2026-06-12T21:54:08.873377+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Marizyme defaults on Walleye Note; cross-default triggers $21.9M accelerated payment on convertible notes

## Summary
- Walleye Note of $1M not repaid by May 7, 2023 maturity; principal increased to $1.25M.
- Cross-default on 10% Secured Convertible Notes triggers mandatory 135% payout; aggregate $21.87M due.
- Mandatory Default Amount is ~$5.3M more than would have been due under normal terms.
- Holders have not yet exercised remedies; company faces risk of asset seizure or bankruptcy.
- Public offering registration statement withdrawn April 21, 2023.

## SEC filing metadata
- accession: 0001493152-23-025998
- form_type: 8-K/A
- cik: 0001413754
- company_name: MARIZYME, INC.
- filed_at: 2023-07-31T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.04, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1413754/000149315223025998/0001493152-23-025998-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1413754/000149315223025998/form8-ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-025998
- JSON: https://secwatch.observer/filing/0001493152-23-025998.json
- Plain text: https://secwatch.observer/filing/0001493152-23-025998.txt

## Key facts
- Debt Financings
  MARIZYME, INC. reported a default on convertible notes of $1,250,000 with Walleye Opportunities Master Fund Ltd at bears no interest maturing May 7, 2023.
  - Instrument: convertible notes
  - Principal: $1,250,000
  - Counterparty: Walleye Opportunities Master Fund Ltd
  - Rate: bears no interest
  - Maturity: May 7, 2023
  - Event: default
  source text: As of the Maturity Date, the balance under the Walleye Note was not repaid or otherwise satisfied in full. The principal amount of the Walleye Note therefore increased from $1,000,000 to $1,250,000. The number of Warrant Shares was also increased accordingly; however, the Public Offering Registration Statement was withdrawn as of April 21, 2023. Due to the non-payment, the obligations of the Company under the Walleye Note became subject to immediate repayment obligations.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1413754/000149315223025998/0001493152-23-025998-index.htm
- Debt Financings
  MARIZYME, INC. reported a default on convertible notes of $21,871,631 at 10%.
  - Instrument: convertible notes
  - Principal: $21,871,631
  - Rate: 10%
  - Event: default
  source text: Due to the non-repayment of the initial principal amount of $1,000,000 under the Walleye Note by the Maturity Date, the Company also defaulted under the Convertible Notes on the same date. The Convertible Notes provide that due to this default, the Company became obligated to pay 135% of the outstanding principal amount under each of the Convertible Notes on the date on which the default occurred (the "Mandatory Default Amount"). The Mandatory Default Amount may be declared due by each holder immediately. The aggregate Mandatory Default Amount that may be due under the Convertible Notes was $21,871,631 on the date of the default, or approximately $5.3 million more than would otherwise have been due under the Convertible Notes on the date of the default.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1413754/000149315223025998/0001493152-23-025998-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.