8-K filed July 17, 2023, 7:59 PM ET CIK 0001807707

debt confidence high sentiment negative materiality 0.95

AppHarvest, Inc.: debt financing — AppHarvest receives $47.2M acceleration demand from lender; CEO replaced by COO

AppHarvest, Inc.

Rabo AgriFinance demanded immediate repayment of $47.2M for default on Master Credit Agreement; interest rate increases 5%.
Collateral includes Morehead, KY farm; Rabo may pursue foreclosure or receiver, potentially causing bankruptcy.
Founder Jonathan Webb becomes Chief Strategy Officer; COO Anthony Martin appointed CEO, effective immediately.
Gary Broadbent appointed Chief Legal Officer and Chief Restructuring Officer; board approves Key Executive Compensation Plan.
Executive lump-sum awards: $540K each to Martin, Eggleton, Webb; $850K to Broadbent, subject to clawback.

item 2.04 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Gary Broadbent

Chief Legal Officer and Chief Restructuring Officer

AppHarvest, Inc.

Effective: 2023-07-11
Filed: July 17, 2023, 7:59 PM ET

On July 11, 2023, the Board of Directors (the “ Board ”) of AppHarvest, Inc. (together with its affiliates, as applicable, the “ Company ”) appointed Gary Broadbent to serve as the Company’s Chief Legal Officer and Chief Restructuring Officer effective immediately in addition to his position as Corporate Secretary.

Role change

Anthony Martin

Chief Executive Officer

AppHarvest, Inc.

Effective: 2023-07-12
Filed: July 17, 2023, 7:59 PM ET

Anthony Martin to serve as the Company’s Chief Executive Officer in lieu of his position as Chief Operating Officer

Role change

Jonathan Webb

Chief Strategy Officer

AppHarvest, Inc.

Effective: 2023-07-12
Filed: July 17, 2023, 7:59 PM ET

On July 12, 2023, the Board appointed Jonathan Webb to serve as the Company’s Chief Strategy Officer in lieu of his position as Chief Executive Officer

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

AppHarvest, Inc. faced acceleration on credit facility of $47.213,671.03 with Rabo AgriFinance LLC at rate applicable to the unpaid principal balance under the Credit Agreement plus.

Instrument: credit facility
Principal: $47.213,671.03
Counterparty: Rabo AgriFinance LLC
Rate: rate applicable to the unpaid principal balance under the Credit Agreement plus
Event: acceleration

Exact text from the filing

certain principal and interest amounts due and payable under the Credit Agreement on July 3, 2023. Pursuant to the Notice of Acceleration, Rabo demanded immediate repayment of $47.213,671.03 consisting of principal and accrued interest, as well as repayment of any additional fees, costs, charges and other obligations as may be payable or become payable under

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Gary Broadbent was appointed as Chief Legal Officer and Chief Restructuring Officer at AppHarvest, Inc..

Action: appointed
Role: Chief Legal Officer and Chief Restructuring Officer

Exact text from the filing

On July 11, 2023, the Board of Directors (the “ Board ”) of AppHarvest, Inc. (together with its affiliates, as applicable, the “ Company ”) appointed Gary Broadbent to serve as the Company’s Chief Legal Officer and Chief Restructuring Officer effective immediately in addition to his position as Corporate Secretary.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Anthony Martin was appointed as Chief Executive Officer at AppHarvest, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Anthony Martin to serve as the Company’s Chief Executive Officer in lieu of his position as Chief Operating Officer

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jonathan Webb was appointed as Chief Strategy Officer at AppHarvest, Inc..

Action: appointed
Role: Chief Strategy Officer

Exact text from the filing

On July 12, 2023, the Board appointed Jonathan Webb to serve as the Company’s Chief Strategy Officer in lieu of his position as Chief Executive Officer

View on SEC.gov

26 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001807707-23-000095

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