---
schema_version: "secwatch.filing_event.v1"
accession: "0001683168-23-004619"
form_type: "8-K"
ticker: null
cik: "0001829966"
company_name: "EBET, Inc."
filed_at: "2023-07-03T23:59:59+00:00"
generated_at: "2026-06-13T13:25:25.515484+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# EBET in default on $26.2M loan, enters forbearance; preferred conversion risk of 56M shares; strategic review

## Summary
- Company acknowledged default on $30M loan (balance ~$26.2M) and entered forbearance until Sept 15, 2023.
- Lender provided $2M revolving credit line at 15% interest, advances in its sole discretion.
- Preferred stock conversion price cut to $0.71; 32,367 shares convertible into 56M common, doubling share count.
- Board formed Strategic Alternatives Committee and hired Houlihan Lokey for sale/restructuring.
- CEO and CFO retention bonuses: $175K (CEO), $240K salary increase (CFO), plus transaction bonuses.

## SEC filing metadata
- accession: 0001683168-23-004619
- form_type: 8-K
- cik: 0001829966
- company_name: EBET, Inc.
- filed_at: 2023-07-03T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1829966/000168316823004619/0001683168-23-004619-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1829966/000168316823004619/ebet_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-23-004619
- JSON: https://secwatch.observer/filing/0001683168-23-004619.json
- Plain text: https://secwatch.observer/filing/0001683168-23-004619.txt

## Key facts
- Debt Financings
  EBET, Inc. incurred revolving credit of $2.0 million with CP BF Lending, LLC at 15.0% per annum maturing November 29, 2024.
  - Instrument: revolving credit
  - Principal: $2.0 million
  - Counterparty: CP BF Lending, LLC
  - Rate: 15.0% per annum
  - Maturity: November 29, 2024
  - Event: incurrence
  source text: the Lender agreed to provide the Company with a revolving line of credit in the amount of $2.0 million (the “Revolving Note”), with any advances under the Revolving Note to be made in the sole discretion of the Lender. The Revolving Note will have a maturity date of November 29, 2024 and carry an interest rate of 15.0% per annum
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829966/000168316823004619/0001683168-23-004619-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.