Intrusion defers Streeterville note redemptions through March 31, adds 3.75% fee to balances

INTRUSION INC

Amendment with Streeterville Capital defers all redemptions on two promissory notes from Jan 11 to March 31, 2023.
Standstill fee of 3.75% of outstanding balance added to each note on Jan 11, increasing total debt.
Outstanding balances after fee: Note #1 $4,302,732.47; Note #2 $5,760,583.58 (combined ~$10.06M).
Standstill terminates early upon event of default under Notes or borrower breach of agreement.
Notes originally issued March and June 2022 for $5.35M each, used for working capital.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INTRUSION INC amended Amendment with Streeterville Capital, LLC (effective 2023-01-11).

Action: amendment
Agreement: notes offering
Counterparty: Streeterville Capital, LLC
Effective: 2023-01-11

Exact text from the filing

On January 11, 2023, Intrusion Inc. (the “Company”) entered into an amendment (the “Amendment”) of certain promissory notes pursuant to the Securities Purchase Agreement dated March 10, 2022 (the Purchase Agreement”), between the Company and Streeterville Capital, LLC, a Utah limited liability company (the “Streeterville”).

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INTRUSION INC filing history →

Source: SEC EDGAR

accession 0001683168-23-000198

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