INTRUSION INC (INTZ): debt financing — Intrusion extends note maturities with Streeterville; grants security interest in all assets

INTRUSION INC

Maturity of Note #1 extended to Sep 10, 2024; Note #2 to Dec 29, 2024 (12-month extension).
Standstill: no cash payments for 180 days after a qualified public offering of at least $5M, if closed by Oct 1, 2023.
If no qualifying offering by Oct 1, standstill lapses and $50k weekly ACH payments resume under the Notes.
Intrusion granted Streeterville a first-priority security interest in substantially all assets including accounts, equipment, and IP.

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

INTRUSION INC amended loan with Streeterville Capital, LLC maturing September 10, 2024 (Note #1) and December 29, 2024 (Note #2).

Instrument: loan
Counterparty: Streeterville Capital, LLC
Maturity: September 10, 2024 (Note #1) and December 29, 2024 (Note #2)
Event: amendment

Exact text from the filing

On August 2, 2023, the Company and Streeterville entered into a Forbearance and Standstill Agreement (the “Forbearance Agreement”) under which both parties agreed to extend the maturity date of each Note by 12 months. The maturity date of Note #1 is now September 10, 2024, and the maturity date of Note #2 is now December 29, 2024.

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Source: SEC EDGAR

accession 0001683168-23-005354

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