Appgate, Inc.: debt financing — Appgate issues additional $2M in convertible notes at 9.50%, total $4.5M outstanding

Appgate, Inc.

Issued additional $2.0M aggregate principal of Convertible Notes on August 21, 2023, total now $4.5M.
Notes bear 9.50% annual interest, payable in cash or PIK; cash interest prohibited before July 20, 2024.
Convertible into common stock at 585.7496 shares per $1,000 principal; maturity May 9, 2026 (extendable to 2028).
Purchaser can buy up to an additional $27.5M in Convertible Notes through July 20, 2025.
Obligations secured by second-priority security interest in substantially all assets of Legacy Appgate and Note Guarantors.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Appgate, Inc. incurred convertible notes of $2.0 million aggregate principal amount of Additional Convertible Notes with Appgate Funding, LLC at 9.50% maturing May 9, 2026.

Instrument: convertible notes
Principal: $2.0 million aggregate principal amount of Additional Convertible Notes
Counterparty: Appgate Funding, LLC
Rate: 9.50%
Maturity: May 9, 2026
Event: incurrence

Exact text from the filing

On August 21, 2023, Legacy Appgate issued and sold to the Purchaser an additional $2.0 million aggregate principal amount of Additional Convertible Notes.

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Source: SEC EDGAR

accession 0001628280-23-030226

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