{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-23-025581","form_type":"8-K","ticker":null,"cik":"0001353538","company_name":"Appgate, Inc.","filed_at":"2023-07-25T23:59:59+00:00","discovered_at":"2026-05-14T18:03:33.684669+00:00","generated_at":"2026-06-13T02:59:00.222705+00:00","sec_items":["1.01","2.03","3.02","5.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Appgate issues $2.5M convertible notes at 9.5%; potential $27.5M additional","bullets":["Issued $2.5M aggregate principal of convertible notes due 2026 to Appgate Funding, LLC.","Interest rate 9.50% payable in cash or PIK; no cash interest before July 20, 2024.","Purchaser may purchase up to $27.5M additional notes on or before July 20, 2025.","Covenants include minimum liquidity of $5.0M per quarter; restrictions on debt, liens, dividends.","Plan amendment excludes Manuel D. Medina and affiliates from triggering Change of Control."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-23-025581","json":"https://secwatch.observer/filing/0001628280-23-025581.json","markdown":"https://secwatch.observer/filing/0001628280-23-025581.md","text":"https://secwatch.observer/filing/0001628280-23-025581.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1353538/000162828023025581/0001628280-23-025581-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1353538/000162828023025581/apgt-20230720.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T02:59:00.222705+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"8be950450a41c6c2a677b34427bb84c25309409e","claim":"Appgate, Inc. incurred convertible notes of $2.5 million aggregate principal amount with Appgate Funding, LLC at annual rate of 9.50% maturing May 9, 2026.","evidence_excerpt":"On July 20, 2023, Appgate Cybersecurity, Inc., a Delaware corporation (“ Legacy Appgate ”) and a wholly owned subsidiary of Appgate, Inc., a Delaware corporation (“ Appgate ” or the “ Company ”), entered into a Note Purchase Agreement (the “ Note Purchase Agreement ”) with Appgate Funding, LLC (the “ Purchaser ”) and a Note Issuance Agreement (the “ Note Issuance Agreement ”) with the Company, Legacy Appgate’s wholly owned domestic subsidiaries (the “ Domestic Subsidiary Guarantors ” and, together with the Company, the “ Note Guarantors ”) and the Purchaser (the Note Purchase Agreement and the Note Issuance Agreement, collectively, the “ Note Agreements ”). Pursuant to the Note Agreements, Legacy Appgate issued and sold to the Purchaser $2.5 million aggregate principal amount of convertible notes due 2026 (the “ Initial Convertible Notes ”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1353538/000162828023025581/0001628280-23-025581-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$2.5 million aggregate principal amount"},{"label":"Counterparty","value":"Appgate Funding, LLC"},{"label":"Rate","value":"annual rate of 9.50%"},{"label":"Maturity","value":"May 9, 2026"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"0e7146527dac82959de8c7c45c8e4ab2c20074d0","claim":"Appgate, Inc. amended Amendment No. 1 to Amended and Restated Revolving Credit Agreement with SIS Holdings, L.P. valued at Amendment to existing credit facility to allow convertible notes and adjust lien priority (effective 2023-07-20).","evidence_excerpt":"Concurrently with the execution of the Note Agreements, Appgate, Legacy Appgate, the Domestic Subsidiary Guarantors and SIS Holdings entered into an amendment to the A&R Revolving Credit Agreement (“ Amendment No. 1 ”), pursuant to which the A&R Revolving Credit Agreement was amended to (i) allow for the issuance of the Convertible Notes and the grant of a second priority security interest to Purchaser to secure the obligations under the Convertible Notes and (ii) secure the obligations under the A&R Revolving Credit Agreement with a third priority security interest in substantially all assets of Legacy Appgate, Appgate and the Domestic Subsidiary Guarantors .","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1353538/000162828023025581/0001628280-23-025581-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"SIS Holdings, L.P."},{"label":"Value","value":"Amendment to existing credit facility to allow convertible notes and adjust lien priority"},{"label":"Effective","value":"2023-07-20"}],"fact_type":"material_agreement"},{"claim_id":"6c04fa3c1be51ff85506dfaf6de62e7b552e137e","claim":"Appgate, Inc. entered into Junior Intercreditor Agreement with Appgate Funding, LLC and SIS Holdings, L.P. valued at Intercreditor and subordination arrangement (effective 2023-07-20).","evidence_excerpt":"Concurrently with the execution of the Note Agreements , Purchaser, as original senior agent, SIS Holdings, as original subordinated agent, Appgate, Legacy Appgate and the Domestic Subsidiary Guarantors entered into an intercreditor and subordination agre","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1353538/000162828023025581/0001628280-23-025581-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Appgate Funding, LLC and SIS Holdings, L.P."},{"label":"Value","value":"Intercreditor and subordination arrangement"},{"label":"Effective","value":"2023-07-20"}],"fact_type":"material_agreement"},{"claim_id":"ab662fc8d2bbcf4fa035cf0ed57c6223e024b79b","claim":"Appgate, Inc. entered into Note Purchase Agreement and Note Issuance Agreement with Appgate Funding, LLC valued at $2.5 million initial convertible notes, up to $30 million total (effective 2023-07-20).","evidence_excerpt":"On July 20, 2023, Appgate Cybersecurity, Inc., a Delaware corporation (“ Legacy Appgate ”) and a wholly owned subsidiary of Appgate, Inc., a Delaware corporation (“ Appgate ” or the “ Company ”), entered into a Note Purchase Agreement (the “ Note Purchase Agreement ”) with Appgate Funding, LLC (the “ Purchaser ”) and a Note Issuance Agreement (the “ Note Issuance Agreement ”) with the Company, Legacy Appgate’s wholly owned domestic subsidiaries (the “ Domestic Subsidiary Guarantors ” and, together with the Company, the “ Note Guarantors ”) and the Purchaser (the Note Purchase Agreement and the Note Issuance Agreement, collectively, the “ Note Agreements ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1353538/000162828023025581/0001628280-23-025581-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Appgate Funding, LLC"},{"label":"Value","value":"$2.5 million initial convertible notes, up to $30 million total"},{"label":"Effective","value":"2023-07-20"}],"fact_type":"material_agreement"},{"claim_id":"fc656908faf8f53b11b5335c50e043ccc0029813","claim":"Appgate, Inc. entered into Registration Rights Agreement with Appgate Funding, LLC valued at Registration rights for resale of securities (effective 2023-07-20).","evidence_excerpt":"Concurrently with the execution of the Note Agreements, Appgate and the Purchaser entered into a registration rights agreement (the “ Registration Rights Agreement ”), pursuant to which, Appgate is obligated to file a registration statement by no later than October 31, 2023 to register the resale of certain securities of Appgate (including Appgate’s common stock issuable upon conversion of the Convertible Notes) held by the Purchaser.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1353538/000162828023025581/0001628280-23-025581-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Appgate Funding, LLC"},{"label":"Value","value":"Registration rights for resale of securities"},{"label":"Effective","value":"2023-07-20"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}