AERWINS Technologies Inc.: debt financing — AERWINS subsidiary A.L.I. files for bankruptcy in Japan; triggers default on $4.2M notes

AERWINS Technologies Inc.

AERWINS' indirect subsidiary A.L.I. Technologies filed for voluntary bankruptcy in Tokyo District Court on Dec 27, 2023.
The bankruptcy triggers an event of default under $4.2M secured convertible notes issued to Lind Global Fund II LP.
Lind Global may demand payment of 120% of outstanding principal or convert shares at a discount.
A bankruptcy conference is set for Jan 5, 2024; trustee appointment to follow.

item 1.03 item 2.04 item 9.01

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

AERWINS Technologies Inc. faced acceleration on convertible notes of $4,200,000 with Lind Global Fund II LP.

Instrument: convertible notes
Principal: $4,200,000
Counterparty: Lind Global Fund II LP
Event: acceleration

Exact text from the filing

The proceedings in Japan described in Item 1.03 above constitute an event of default pursuant to the secured convertible notes in the aggregate principal amount of $4,200,000 (collectively, the "Notes") issued by the Company to Lind Global Fund II LP ("Lind Global") on April 12, 2023 and May 23, 2023 and as amended on August 25, 2023.

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Source: SEC EDGAR

accession 0001493152-24-000337

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