secwatch.observer — SEC 8-K summary
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Issuer:     Novo Integrated Sciences, Inc. (—)
CIK:        0001138978
Form:       8-K
Filed at:   2024-04-11T23:59:59+00:00
Accession:  0001493152-24-014340
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Novo Integrated Sciences closes $6.21M convertible note, repays prior debt
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1138978/000149315224014340/0001493152-24-014340-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1138978/000149315224014340/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-014340

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