VIP Play, Inc. (VIPZ): debt financing — VIP Play CFO resigns effective Aug 8; convertible note balance rises to $16.5M

VIP Play, Inc.

CFO James Mackey resigning effective August 8, 2025; no separation agreement; CEO Les Ottolenghi thanks him.
Company reaffirms prior financial guidance and is searching for a successor.
Outstanding principal under Excel Family Partners convertible note now $16,466,000 after $790k in additional draws.
Note bears 12% fixed interest, due on demand, convertible at 80% of lowest recent price per share ($0.50 floor).
Note is controlled by board secretary Bruce Cassidy; original maximum was $14M.

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. amended convertible notes of principal amount of not more than $14,000,000 with Excel Family Partners, LLLP at fixed rate per annum equal to 12.0% maturing due and payable upon demand.

Instrument: convertible notes
Principal: principal amount of not more than $14,000,000
Counterparty: Excel Family Partners, LLLP
Rate: fixed rate per annum equal to 12.0%
Maturity: due and payable upon demand
Event: amendment

Exact text from the filing

the Company entered into a First Amended and Restated Discretionary Convertible Revolving Line Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of not more than $14,000,000 (the “ Note ”)

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-020852

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