secwatch.observer — SEC 8-K summary
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Issuer:     SPLASH BEVERAGE GROUP, INC. (SBEV)
CIK:        0001553788
Form:       8-K
Filed at:   2024-10-22T23:59:59+00:00
Accession:  0001731122-24-001643
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03, 2.04, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1553788/000173112224001643/0001731122-24-001643-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1553788/000173112224001643/e6016_8k.htm
  HTML page:      https://secwatch.observer/filing/0001731122-24-001643

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