secwatch.observer — SEC 8-K summary
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Issuer:     Beyond Air, Inc. (XAIR)
CIK:        0001641631
Form:       8-K
Filed at:   2024-10-02T23:59:59+00:00
Accession:  0001493152-24-039221
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 3.02
LLM model:  deepseek-v4-flash:cloud@v2

Beyond Air enters $11.5M secured loan with CEO and director; 15% PIK interest, 8% royalty
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- Term sheet for $11.5M secured loan from CEO Steven Lisi and director Robert Carey; 10-year term, 15% PIK interest through July 2026.
- Royalty of 8% on net sales quarterly from July 2026 until repaid; secured by substantially all assets.
- Warrants to purchase common stock at $0.3793 per share; definitive loan agreement expected by Oct 31, 2024.
- Approved by independent disinterested directors after investment bank recommendation; interested parties involved.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1641631/000149315224039221/0001493152-24-039221-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1641631/000149315224039221/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-039221

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