VIP Play, Inc. (VIPZ): debt financing — VIP Play appoints Les Ottolenghi as CEO; Bruce Cassidy resigns

VIP Play, Inc.

Bruce Cassidy resigned as interim CEO effective June 2, 2025, remains sole director and Secretary.
Les Ottolenghi named CEO, President and Principal Executive Officer; $600K salary, $100K signing bonus, 7.28M RSUs with 4-year quarterly vesting.
Additional $880K drawn under Excel Family Partners convertible note; total outstanding $14.511M at 12% fixed rate.
Note convertible at 80% of lowest recent share price within prior 12 months; dilution risk for existing holders.
Ottolenghi previously CTO/COO at Lee Enterprises, EVP/CIO at Stride Inc.; background in digital and AI.

item 1.01 item 5.02 item 2.03 item 3.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed (interim)

Bruce A. Cassidy

interim Chief Executive Officer and Principal Executive Officer

VIPZ · VIP Play, Inc.

Effective: 2025-06-02
Successor: Les Ottolenghi
Filed: June 4, 2025, 7:59 PM ET

Effective June 2, 2025, Mr. Bruce A. Cassidy resigned as our interim Chief Executive Officer and Principal Executive Officer.

Appointed

Les Ottolenghi

Chief Executive Officer, Principal Executive Officer and President

VIPZ · VIP Play, Inc.

Effective: 2025-06-02
Filed: June 4, 2025, 7:59 PM ET

The Company entered into an Employment Agreement with Mr. Les Ottolenghi (the " Agreement ") in connection with his appointment by our board of directors as our new Chief Executive Officer, Principal Executive Officer and President, effective as of June 2, 2025.

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

VIP Play, Inc. incurred convertible notes of an additional aggregate amount of $880,000 with Excel Family Partners, LLLP at 12.0%.

Instrument: convertible notes
Principal: an additional aggregate amount of $880,000
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Event: incurrence

Exact text from the filing

We borrowed an additional aggregate amount of $880,000 in two separate draws under the Note from May 9, 2025 through May 28, 2025.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Bruce A. Cassidy resigned as interim Chief Executive Officer and Principal Executive Officer at VIP Play, Inc..

Action: resigned
Role: interim Chief Executive Officer and Principal Executive Officer

Exact text from the filing

Effective June 2, 2025, Mr. Bruce A. Cassidy resigned as our interim Chief Executive Officer and Principal Executive Officer.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Les Ottolenghi was appointed as Chief Executive Officer, Principal Executive Officer and President at VIP Play, Inc..

Action: appointed
Role: Chief Executive Officer, Principal Executive Officer and President

Exact text from the filing

The Company entered into an Employment Agreement with Mr. Les Ottolenghi (the " Agreement ") in connection with his appointment by our board of directors as our new Chief Executive Officer, Principal Executive Officer and President, effective as of June 2, 2025.

View on SEC.gov

102 debt financings filed in the last 30 days. Browse all debt financings →

VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-013598

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.