Novo Integrated Sciences, Inc.: debt financing — Novo Integrated Sciences closes $6.21M convertible note, repays prior debt

Novo Integrated Sciences, Inc.

Entered $6.21M secured convertible note with Streeterville Capital; net proceeds $5.5M after OID and fees.
Note bears 10.9% interest, matures April 8, 2025, convertible at 85% of lowest VWAP over prior 5 trading days.
Proceeds used to repay in full Mast Hill $3.5M note and FirstFire $277,777 note, both dated September 2023.
Monthly redemption right up to $950,000 starting Oct 2024, payable in cash or stock if equity conditions met.
Company granted security interest in all assets; subsidiaries Acenzia and Novo Healthnet guaranteed the note.

item 1.01 item 2.03 item 3.02 item 7.01 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 0.98

Novo Integrated Sciences, Inc. incurred convertible notes of $6,210,000 with Streeterville Capital, LLC at 10.9% per annum maturing April 8, 2025.

Instrument: convertible notes
Principal: $6,210,000
Counterparty: Streeterville Capital, LLC
Rate: 10.9% per annum
Maturity: April 8, 2025
Event: incurrence

Exact text from the filing

On April 5, 2024, Novo Integrated Sciences, Inc. (the “Company”) entered into a securities purchase agreement (the “SPA”) with Streeterville Capital, LLC (the “Holder”), pursuant to which the Company issued a secured convertible promissory note (the “Note”) with a maturity date of April 8, 2025 (the “Maturity Date”), in the principal sum of $6,210,000 (the “Principal Sum”). Pursuant to the terms of the Note, the Company agreed to pay the Principal Sum to the Holder and to pay interest on the principal balance at the rate of 10.9% per annum.

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

Novo Integrated Sciences, Inc. entered into Securities Purchase Agreement with Streeterville Capital, LLC valued at $6,210,000 (effective 2024-04-05).

Action: entry
Agreement: equity purchase
Counterparty: Streeterville Capital, LLC
Value: $6,210,000
Effective: 2024-04-05

Exact text from the filing

On April 5, 2024, Novo Integrated Sciences, Inc. (the “Company”) entered into a securities purchase agreement (the “SPA”) with Streeterville Capital, LLC (the “Holder”), pursuant to which the Company issued a secured convertible promissory note (the “Note”) with a maturity date of April 8, 2025 (the “Maturity Date”), in the principal sum of $6,210,000 (the “Principal Sum”).

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

Source: SEC EDGAR

accession 0001493152-24-014340

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