Reed's extends noteholder waivers to Apr 30, 2024; converts ~$4.1M SAFEs to equity

REED'S, INC.

Amended waiver extends default and amortization-payment waivers from Mar 31 to Apr 30, 2024.
Option Notes maturity date changed to earlier of Mar 31, 2025 or 91 days before junior debt maturity.
Company paid $100,000 partial interest; SAFE investments (~$4.1M) expected to convert before Apr 30, 2024.
ABL facility cap raised to $8M (May 1–Sep 30, 2024) per amended Permitted Indebtedness definition.
Outstanding ABL excess fees listed; each monthly fee from Nov 2023–Mar 2024 reduced by $150k if conversion by Apr 30.

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

REED'S, INC. amended Amendment with each holder of its 10% Secured Convertible Notes and Wilmington Savings Fund Society, FSB (effective 2024-04-01).

Action: amendment
Agreement: notes offering
Counterparty: each holder of its 10% Secured Convertible Notes and Wilmington Savings Fund Society, FSB
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024, Reed’s, a Delaware corporation (“Reed’s” or the “company”), each holder of its 10% Secured Convertible Notes (the “Notes”) and Wilmington Savings Fund Society, FSB, holder representative and collateral agent, entered into an Amendment (“Amendment”) to Limited Waiver, Deferral, and Amendment and Restatement Agreement dated February 12, 2024

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REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-012926

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