ISUN, INC.: debt financing — iSun receives default notice on $12.5M convertible notes; Nasdaq extends bid price compliance to May 2024

ISUN, INC.

On Nov 13, 2023, Purchasers (Anson) declared Event of Default on $12.5M convertible notes for unpaid Nov 1 amounts and accelerated the Notes at Mandatory Default Amount.
Nasdaq granted iSun an additional 180 calendar days (until May 13, 2024) to regain $1 minimum bid price compliance for continued listing.
iSun failed to regain compliance within initial 180-day period ending Nov 13, 2023; extension requires closing bid at $1 for 10 consecutive business days.
The Company intends to consider all available options to regain compliance with Nasdaq listing standards.

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

ISUN, INC. reported a default on convertible notes with Anson Investments Master Fund, LP and Anson East Master Fund, LP (together, the Purchasers).

Instrument: convertible notes
Counterparty: Anson Investments Master Fund, LP and Anson East Master Fund, LP (together, the Purchasers)
Event: default

Exact text from the filing

On November 13, 2023, the Company received notice from the Purchasers of an Event of Default under the Notes, with respect to unpaid amounts due on November 1, 2023, and under a Letter Agreement between the Company and the Purchasers, dated August 30, 2023, and described in the Company’s Current Report on Form 8-K, dated September 1, 2023. The notice states that the Purchasers have opted to accelerate the Notes at the Mandatory Default Amount as defined in the Notes.

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Source: SEC EDGAR

accession 0001493152-23-041869

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