Splash Beverage receives default notice on $3.7M in convertible notes; interest jumps to 18%

SPLASH BEVERAGE GROUP, INC.

On Sep 26, 2024, lenders declared default on Sep 2023 ($1.25M), May 2024 ($1.85M) and Aug 2024 ($0.6M) notes for missed registration filing.
Default triggers 18% interest rate on all three notes; company may face material adverse effect on liquidity and could become insolvent.
New $4M convertible note offering closed $5M so far (target $10-12M); notes bear 9% interest, convert at $0.35, warrants at $0.4375.
Conversion prices on Sep and May notes adjusted to $0.25; Aug note conversion adjusted to $0.30 under antidilution provisions.
Company is attempting to resolve defaults but cannot guarantee favorable terms; no enforcement action taken to date.

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