Reed's extends note maturity to Nov 28, pays $212k in interest; gets waiver of defaults

REED'S, INC.

Maturity date of 10% Convertible Notes extended from Sep 29, 2023 to Nov 28, 2023.
Company paid $211,793.31 in accrued interest and certain fees to note holders.
Holders temporarily waived specified events of default and certain fees through Nov 28, 2023.
Waiver also suspends repurchase requirement upon a Fundamental Change during waiver period.

Key facts

Extracted from this filing and checked against the source text.

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

REED'S, INC. amended Fifth Amendment to 10% Convertible Notes dated May 9, 2022 with each holder and Wilmington Savings Fund Society, FSB valued at maturity date extended from September 29, 2023 to November 28, 2023; cash payment of $211,793.31 (effective 2023-10-05).

Action: amendment
Agreement: notes offering
Counterparty: each holder and Wilmington Savings Fund Society, FSB
Value: maturity date extended from September 29, 2023 to November 28, 2023; cash payment of $211,793.31
Effective: 2023-10-05

Exact text from the filing

On October 5, 2023, Reed’s Inc., a Delaware corporation (“Reed’s”) entered into a Fifth Amendment (“Amendment Agreement”) to 10% Convertible Notes dated May 9, 2022, as amended (each, a “Note”, and collectively, the “Notes”) and a Limited Waiver and Deferral Agreement (“Waiver and Deferral Agreement”) with each holder and Wilmington Savings Fund Society, FSB, holder representative and collateral agent.

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REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-037052

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