secwatch.observer — SEC 8-K summary
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Issuer:     LUXURBAN HOTELS INC. (—)
CIK:        0001893311
Form:       8-K
Filed at:   2023-11-17T23:59:59+00:00
Accession:  0001829126-23-007529
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

LuxUrban Hotels secures up to $10M non-dilutive note from Chairman/Co-CEO at 1% interest
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- Unsecured advancing term promissory note of up to $10 million from THA Holdings LLC (Brian Ferdinand, Chairman/Co-CEO and largest stockholder).
- Note bears 1% annual interest, matures November 16, 2026; prepayable at Company’s option with Board approval, no penalty.
- Funded via sales of common stock owned by Ferdinand under Rule 144 or other exemptions; proceeds less taxes fund the note.
- Proceeds used for growth capital: leasing additional hotel units and building density in existing markets.
- Company reiterates Note is not required to achieve previously issued 2023 and 2024 guidance on net rental revenue, EBITDA, hotel rooms.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1893311/000182912623007529/0001829126-23-007529-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1893311/000182912623007529/luxurbanhotels_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-23-007529

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