secwatch.observer — SEC 8-K summary
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Issuer:     EBET, Inc. (—)
CIK:        0001829966
Form:       8-K
Filed at:   2023-07-03T23:59:59+00:00
Accession:  0001683168-23-004619
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1829966/000168316823004619/0001683168-23-004619-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1829966/000168316823004619/ebet_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-23-004619

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer