secwatch / observer

8-K filed March 11, 2024, 7:59 PM ET CIK 0001281845

debt confidence high sentiment negative materiality 0.65

Unique Logistics restructures $8.95M in related-party notes, extends maturities to June 2025

Unique Logistics International, Inc.

Canceled $4.5M Note 9 and issued Note 11 ($2.5M) and Note 12 ($3.4M), both at 15% interest, due June 30, 2025.
Amended Second Net Assets Note ($2M) and Original Seller Note (increased to $1.053M), now both maturing June 30, 2025.
Additional $1.4M loan advanced concurrent with Note 11, increasing total debt to ULHL to $8.953M.
Debt is subordinated to existing facilities with TBK Bank and CB Agent Services/Alter Domus.
Company agreed not to declare dividends from ULHL subsidiaries while notes outstanding.

item 1.01 item 2.03 item 9.01

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

Unique Logistics International, Inc. terminated Note 9 with Unique Logistics Holdings Limited valued at $4,500,000 (effective 2024-03-05).

Action: termination
Counterparty: Unique Logistics Holdings Limited
Value: $4,500,000
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, the Company and ULHL agreed to cancel, replace and supersede Note 9, in its entirety, in favor of (i) a promissory note in the aggregate principal amount of $2,500,000 (“ Note 11 ”) and (ii) a promissory note in the aggregate principal amount of $3,400,000 (“ Note 12 ”).

View on SEC.gov

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

Unique Logistics International, Inc. entered into Note 12 with Unique Logistics Holdings Limited valued at $3,400,000 (effective 2024-03-05).

Action: entry
Counterparty: Unique Logistics Holdings Limited
Value: $3,400,000
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, the Company and ULHL agreed to cancel, replace and supersede Note 9, in its entirety, in favor of (i) a promissory note in the aggregate principal amount of $2,500,000 (“ Note 11 ”) and (ii) a promissory note in the aggregate principal amount of $3,400,000 (“ Note 12 ”).

View on SEC.gov

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

Unique Logistics International, Inc. amended Amended Original Seller Note with Unique Logistics Holdings Limited valued at $1,053,000 (effective 2024-03-06).

Action: amendment
Counterparty: Unique Logistics Holdings Limited
Value: $1,053,000
Effective: 2024-03-06

Exact text from the filing

Additionally, on March 6, 2024, the Company and ULHL amended the Original Seller Note (the “ Amended Original Seller Note ”), which extended the maturity date thereof from the second anniversary of the date of the Note to June 30, 2025 and increased the principal amount of the Note to $1,053,000.

View on SEC.gov

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

Unique Logistics International, Inc. amended Second Amended Second Net Assets Note with Unique Logistics Holdings Limited (effective 2024-03-05).

Action: amendment
Counterparty: Unique Logistics Holdings Limited
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, the Company and ULHL further amended the Amended Second Net Assets Note (the “ Second Amended Second Net Assets Note ”), which extended the maturity date thereof from March 31, 2025 to June 30, 2025.

View on SEC.gov

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

Unique Logistics International, Inc. entered into Note 11 with Unique Logistics Holdings Limited valued at $2,500,000 (effective 2024-03-05).

Action: entry
Counterparty: Unique Logistics Holdings Limited
Value: $2,500,000
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, the Company and ULHL agreed to cancel, replace and supersede Note 9, in its entirety, in favor of (i) a promissory note in the aggregate principal amount of $2,500,000 (“ Note 11 ”) and (ii) a promissory note in the aggregate principal amount of $3,400,000 (“ Note 12 ”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-24-009595

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