Summary by Futu AI
HUB Cyber Security Ltd. has entered into a Loan and Security Agreement with Blackswan Technologies, Inc. (BST), effective December 4, 2023. The agreement, signed on January 26, 2024, allows HUB Cyber Security to provide cash advances to BST up to a total of $6 million until June 30, 2024. Interest on these advances is set at a fixed annual rate of 15%, with the principal repayable on January 1, 2025. BST retains the option to prepay the loan with at least two days' notice. In the event of default, the interest rate increases to 18%. To secure the loan, BST and its subsidiary, Blackswan Technologies Gmbh, have pledged their rights and interests in any post-agreement contracts and intellectual property. As of January 31, 2024, HUB Cyber Security has advanced $1,022,820 to BST under the terms of the agreement. This financial activity was reported in a Form 6-K filed with the SEC, which is not considered 'filed' for liability purposes under Section 18 of the Securities Exchange Act of 1934, nor is it incorporated by reference in any other SEC filings.
