Can B Corp (NASC): debt financing — Can B Corp receives notice of UCC asset sale; Arena Entities declare default on $3.84M notes

Can B Corp

Arena Entities intend to auction all or substantially all assets on Dec 28, 2023 under UCC Article 9.
Defaults include failure to deliver account control agreements, servicing agreement, missing payments, unauthorized use of receivables.
Arena Entities hold ~$3.84M convertible notes; Nascent Pharma equity (67%) excluded from sale.
Company plans to seek forbearance; no assurance of agreement.

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

Can B Corp reported a default on convertible notes of approximately $3,838,770 aggregate principal amount with Arena Special Opportunities Partners I, LP, Arena Special Opportunities Fund, LP and Arena Investors, LP.

Instrument: convertible notes
Principal: approximately $3,838,770 aggregate principal amount
Counterparty: Arena Special Opportunities Partners I, LP, Arena Special Opportunities Fund, LP and Arena Investors, LP
Event: default

Exact text from the filing

The Arena Entities collectively hold approximately $3,838,770 aggregate principal amount of Convertible Notes (the “Notes”) issued by the Company.

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Can B Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-043738

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