EBET, Inc.: debt financing — EBET: German regulator orders gaming platform shutdown by May 8; material revenue impact expected

EBET, Inc.

German regulator sent letter to Aspire Global on Apr 25 requiring shutdown of for-cash gaming in Germany within 10 days; Aspire seeks extension/injunctive relief.
If relief not granted, Aspire must shut down by midnight GMT May 8, affecting EBET's German websites and materially impacting revenues.
On Apr 28, lender CP BF Lending provided limited waiver of $30M loan covenants until May 12; company does not expect to satisfy covenants.
No assurance that covenant modifications or Aspire's regulatory relief will be successful.

item 2.03 item 8.01

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

EBET, Inc. amended credit facility of $30,000,000 with CP BF Lending, LLC.

Instrument: credit facility
Principal: $30,000,000
Counterparty: CP BF Lending, LLC
Event: amendment

Exact text from the filing

“Company”) entered a credit agreement (the “Credit Agreement”) with CP BF Lending, LLC (“Lender”), pursuant to which the Lender agreed to make a single loan to the Company of $30,000,000 (the “Loan”). The Loan required the Company to maintain certain minimum liquidity and other financial and other covenants. On April 28, 2023, the Lender provided the Company with

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Source: SEC EDGAR

accession 0001683168-23-002892

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