THERALINK TECHNOLOGIES, INC.: debt financing — Theralink Technologies defaults on $18M senior secured debentures; obligations accelerate

THERALINK TECHNOLOGIES, INC.

Company failed to pay ~$18M aggregate principal of 10% OID senior secured convertible debentures due Feb 29, 2024.
Event of Default declared; mandatory default amount set at 130% of outstanding principal plus accrued interest and liquidated damages.
Current total obligation under debentures is approximately $20.1 million.
Interest rate post-default rises to the lesser of 16% per annum or maximum allowed by law.
Debentures secured by first-priority lien on all company assets; holders may demand immediate payment in cash.

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

THERALINK TECHNOLOGIES, INC. reported a default on convertible notes of $20.1 million with holders of the Debentures at 16% per annum maturing February 29, 2024.

Instrument: convertible notes
Principal: $20.1 million
Counterparty: holders of the Debentures
Rate: 16% per annum
Maturity: February 29, 2024
Event: default

Exact text from the filing

o that certain Security Agreement, dated November 29, 2022 by and among the Company, the holders of the Debentures and Cavalry Fund I Management LLC as the Collateral Agent.

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Source: SEC EDGAR

accession 0001493152-24-009039

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