Appgate, Inc.: debt financing — Appgate issues $1.0M additional convertible notes at 9.5%, total $5.5M

Appgate, Inc.

On Sept 18, 2023, Legacy Appgate sold $1.0M additional Convertible Notes to Appgate Funding LLC.
Total Convertible Notes issued to Purchaser now $5.5M; remaining capacity up to $27.5M.
Notes bear 9.50% interest, payable in cash or PIK; cash interest prohibited before July 20, 2024.
Notes mature May 9, 2026 (extendable to May 9, 2028) and convertible at 585.75 shares per $1,000.
Sale exempt from registration under Section 4(a)(2); Purchaser is accredited investor.

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 $1.0 million aggregate principal amount of Additional Convertible Notes with Appgate Funding, LLC at annual rate of 9.50% maturing May 9, 2026, subject to extension to May 9, 2028.

Instrument: convertible notes
Principal: $1.0 million aggregate principal amount of Additional Convertible Notes
Counterparty: Appgate Funding, LLC
Rate: annual rate of 9.50%
Maturity: May 9, 2026, subject to extension to May 9, 2028
Event: incurrence

Exact text from the filing

On September 18, 2023, Legacy Appgate issued and sold to the Purchaser an additional $1.0 million aggregate principal amount of Additional Convertible Notes.

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Source: SEC EDGAR

accession 0001628280-23-032840

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