Impact BioMedical amends $12.86M promissory note with DSS; extends maturity to 2030

IMPACT BIOMEDICAL INC.

Funded principal balance increased to $12,859,328.60, including $1.23M in interest advances.
Maturity extended to September 30, 2030; repayment in 60 monthly payments starting February 2024.
Interest rate set at WSJ Prime + 0.50% (initially 9%); note is secured by blanket first lien on all assets.
DSS, Inc., the majority shareholder of Impact, is the lender; no advance features remain under the note.
Financial covenants require Impact to maintain positive net worth and limit additional indebtedness.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IMPACT BIOMEDICAL INC. amended Amended Revolving Promissory Note dated March 1, 2023 with DSS, Inc. valued at Principal balance of $12,859,328.60; maturity extended to September 30, 2030; WSJ Prime + 0.50% floa (effective 2024-01-18).

Action: amendment
Agreement: credit facility
Counterparty: DSS, Inc.
Value: Principal balance of $12,859,328.60; maturity extended to September 30, 2030; WSJ Prime + 0.50% floa
Effective: 2024-01-18

Exact text from the filing

Effective January 18, 2024, DSS, Inc., a New York corporation ("DSS") and Impact BioMedical, Inc., a Nevada corporation ("Impact") entered into an amendment to the revolving promissory note dated March 1, 2023 (the "Original Note"), whereby DSS loaned Impact an original amount of up to $12,000,000 (the "Loan").

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Source: SEC EDGAR

accession 0001493152-24-003318

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