secwatch.observer — SEC 8-K summary
======================================

Issuer:     REED'S, INC. (REED)
CIK:        0001140215
Form:       8-K
Filed at:   2024-04-02T23:59:59+00:00
Accession:  0001493152-24-012856
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Reed's extends note default waivers to April 30, pays $100K interest, amends terms
--------------------------------------------------------------------------------

- Waiver of existing defaults and monthly amortization payments extended to April 30, 2024 under 10% Secured Convertible Notes.
- Reed's paid $100,000 partial interest payment; failure to pay would terminate waivers and reinstate defaults.
- Amended terms fix Option Note maturity at March 31, 2025 and adjust Permitted Indebtedness limits for ABL facility.
- Condition requires completion of equity offering converting ~$4.1M SAFE investments into equity before April 30, 2024.
- Ongoing defaults include missed amortization payments from Dec 2023 through Apr 2024 and excess ABL fees totaling over $3.5M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1140215/000149315224012856/0001493152-24-012856-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1140215/000149315224012856/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-012856

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer