ALPINE 4 HOLDINGS, INC.: debt financing — Alpine 4 enters $1.05M merchant cash advance at high factor cost; cites working capital need

ALPINE 4 HOLDINGS, INC.

Gross proceeds $1,050,000 against $1,480,500 in future receivables purchased (factor rate ~1.41x).
Payments of $56,942.30/week for 26 weeks; net proceeds after $50,000 fee: $1,000,000.
Secured by collateral of select subsidiaries and holding company (accounts and proceeds).
Working capital deemed necessary due to delays in anticipated sale of shares and warrants.
No prior relationship with lender Meged Funding Group.

item 1.01 item 2.03 item 9.01

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

ALPINE 4 HOLDINGS, INC. incurred debt of $1,050,000 with Meged Funding Group maturing 26 weeks.

Principal: $1,050,000
Counterparty: Meged Funding Group
Maturity: 26 weeks
Event: incurrence

Exact text from the filing

On November 8, 2023, Alpine 4 Holdings, Inc., a Delaware corporation (the "Company"), and certain of its subsidiaries (collectively, the “Borrowers”) entered into a Standard Merchant Cash Advance Agreement (the “MFG Cash Advance Agreement”) for gross proceeds of $1,050,000 with Meged Funding Group ("MFG"), an unrelated third-party financial institution, for the purchase and sale of future receipts pursuant to which the Company sold in the aggregate $1,480,500 in future receipts of the Company and the Borrowers for gross proceeds of $1,050,000.

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Source: SEC EDGAR

accession 0001628280-23-039016

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