STRYVE FOODS, INC. (—): debt financing disclosed in 8-K

STRYVE FOODS, INC.: debt financing — Stryve Foods extends $2.6M note maturity to Dec 2024; cuts warrant strike to $2.75

STRYVE FOODS, INC.

Extended maturity date of $2.6M in secured promissory notes from Dec 31, 2023 to earlier of Dec 31, 2024 or equity raise of at least $3M.

Reduced exercise price on outstanding warrants from $7.701 to $2.75 per split-adjusted share as consideration for lenders.

Company in discussions with holder of remaining $1.5M of total $4.1M in notes.

Lenders granted most-favored-nation rights for any more favorable terms offered to other noteholders.

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

STRYVE FOODS, INC. amended loan of $2.6 million in aggregate principal amount with holders of $2.6 million in aggregate principal amount of secured promissory notes maturing earlier of (i) December 31, 2024, or (ii) the closing of the next sale or series of related sales by the Company of its equity securities from which the Company.

Instrument: loan
Principal: $2.6 million in aggregate principal amount
Counterparty: holders of $2.6 million in aggregate principal amount of secured promissory notes
Maturity: earlier of (i) December 31, 2024, or (ii) the closing of the next sale or series of related sales by the Company of its equity securities from which the Company
Event: amendment

Exact text from the filing

First Amendment to the Promissory Notes dated as of April 19, 2023 (the “ Amendments ”) with the holders (the “ Lenders ”) of $2.6 million in aggregate principal amount of the Company’s outstanding $4.1 million in aggregate principal amount of secured promissory notes (the “ Notes ”). The Amendments extend the maturity date of the Notes from December 31, 2023 to the earlier of (i) December 31, 2024, or (ii) the closing of the next sale or series of related sales by the Company of its equity securities from which the Company receives gross proceeds of not less than $3.0 million, excluding proceeds from the warrants held by the Lenders and any at the market equity facility.

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