secwatch.observer — SEC 8-K summary
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Issuer:     TILT Holdings Inc. (—)
CIK:        0001761510
Form:       8-K
Filed at:   2023-05-19T23:59:59+00:00
Accession:  0001558370-23-010215
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TILT Holdings closes $4.5M bridge notes at 16%+ rate; forbearance on $46M prior notes
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- Issued $4.5M aggregate principal senior secured notes, OID $0.5M, net proceeds $4M to transition supplier trade payable.
- Notes bear interest at higher of 16% or prime+8.5%, mature Dec 2023, secured by all subsidiary assets.
- Forbearance on $46.2M prior notes (Feb 2023) suspends interest payments through Dec 2023 at default rate (prime+16.5%).
- Former director Mark Scatterday (18.5% ownership) holds $1.645M; current director Adam Draizin holds $0.133M of notes.
- Company must make amortization payments of $750k/month starting July 2023 plus 50% of cash >$10M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1761510/000155837023010215/0001558370-23-010215-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1761510/000155837023010215/tilt-20230515x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-010215

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