REED'S, INC. (REED): debt financing — Reed's closes $3.8M SAFE, amends convertible notes, plans up to $6M rights offering

REED'S, INC.

Closed $3.8M in SAFE investments from D&D and Union Square Park to backstop planned rights offering.
Entered Limited Waiver and Amendment with secured note holders: waives defaults and amortization payments through Mar 31, 2024.
Note maturity extended to 2025; conversion price reset to 120% of post-rights-offering VWAP (capped at $7.50 for original notes).
Accrued fees partially satisfied with $132,430 cash and stock at lesser of $1.50 or rights offering price.
Planned rights offering for up to $6M gross proceeds (including SAFE); record date not yet set.

item 1.01 item 2.03 item 3.02 item 8.01 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

REED'S, INC. amended convertible notes with Holders of 10% Secured Convertible Notes (represented by Wilmington Savings Fund Society, FSB) at 10% per annum maturing one year from the date of execution of the Amended and Restated Option Notes.

Instrument: convertible notes
Counterparty: Holders of 10% Secured Convertible Notes (represented by Wilmington Savings Fund Society, FSB)
Rate: 10% per annum
Maturity: one year from the date of execution of the Amended and Restated Option Notes
Event: amendment

Exact text from the filing

On February 12, 2024, Reed’s entered into a Limited Waiver, Deferral, and Amendment and Restatement Agreement (“Waiver and Amendment”) with each holder of its 10% Secured Convertible Notes (the “Notes”) and Wilmington Savings Fund Society, FSB, holder representative and collateral agent.

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

REED'S, INC. entered into Simple Agreements for Future Equity with D&D Source of Life Holding LTD and Union Square Park Partners LLP valued at approximately $3.8 million (effective 2024-02-08).

Action: entry
Agreement: equity purchase
Counterparty: D&D Source of Life Holding LTD and Union Square Park Partners LLP
Value: approximately $3.8 million
Effective: 2024-02-08

Exact text from the filing

On February 8, 2024, Reed’s, Inc., a Delaware corporation (“Reed’s” or the “Company”), closed on approximately $3.8 million in aggregate gross proceeds from Simple Agreements for Future Equity (“SAFE”) investments with significant stockholders of the Company, D&D Source of Life Holding LTD (“D&D”) and Union Square Park Partners LLP.

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

REED'S, INC. amended Limited Waiver, Deferral, and Amendment and Restatement Agreement with each holder of its 10% Secured Convertible Notes and Wilmington Savings Fund Society, FSB (effective 2024-02-12).

Action: amendment
Agreement: notes offering
Counterparty: each holder of its 10% Secured Convertible Notes and Wilmington Savings Fund Society, FSB
Effective: 2024-02-12

Exact text from the filing

On February 12, 2024, Reed’s entered into a Limited Waiver, Deferral, and Amendment and Restatement Agreement (“Waiver and Amendment”) with each holder of its 10% Secured Convertible Notes (the “Notes”) and Wilmington Savings Fund Society, FSB, holder representative and collateral agent.

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-005973

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