---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-037643"
form_type: "8-K"
ticker: null
cik: "0001901297"
company_name: "ZRCN Inc."
filed_at: "2023-10-19T23:59:59+00:00"
generated_at: "2026-06-09T21:11:59.028182+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# ZRCN subsidiary Zircon receives default notice on $12.3M in notes from U.S. Bank

## Summary
- U.S. Bank National Association issued default notice on Oct 11, 2023 for $12M (2023) and $300k (2019) promissory notes.
- Default triggered by Zircon's reverse merger with ZRCN; lender reserves all rights under the Loan Documents.
- Lender has not yet accelerated payment, applied default interest, or foreclosed; parties seeking amicable resolution.
- If unresolved, defaults could materially adversely affect ZRCN's liquidity, financial condition, and results of operations.

## SEC filing metadata
- accession: 0001493152-23-037643
- form_type: 8-K
- cik: 0001901297
- company_name: ZRCN Inc.
- filed_at: 2023-10-19T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1901297/000149315223037643/0001493152-23-037643-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1901297/000149315223037643/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-037643
- JSON: https://secwatch.observer/filing/0001493152-23-037643.json
- Plain text: https://secwatch.observer/filing/0001493152-23-037643.txt

## Key facts
- Debt Financings
  ZRCN Inc. reported a default on loan of original principal amount of $12,000,000 with U.S. Bank National Association.
  - Instrument: loan
  - Principal: original principal amount of $12,000,000
  - Counterparty: U.S. Bank National Association
  - Event: default
  source text: On October 11, 2023, ZRCN, Inc.'s (the “Company”) wholly-owned subsidiary, Zircon Corporation (“Zircon”) received written notice (the “Notice”) from U.S. Bank National Association (the “Lender”) that an event of default has occurred with respect to that certain Commercial Promissory Note (Base Rate) dated January 27, 2023 in the original principal amount of $12,000,000 (the “2023 Note”) and that certain Commercial Promissory Note (Base Rate) dated September 30, 2019 in the original principal amount of $300,000 (the “2019 Note,” and together with the 2023 Note, the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1901297/000149315223037643/0001493152-23-037643-index.htm

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