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Ault Alliance | 8-K: Current report

SEC announcement ·  May 17 04:35
Summary by Futu AI
On May 15, 2024, Ault Alliance, Inc., along with its subsidiaries, entered into an amendment to its existing Loan and Guaranty Agreement with Ault & Company, Inc. and other lenders. The amendment extends the deadline for Ault Alliance to maintain a specified minimum balance in a segregated account, which serves as a guarantee for the repayment of $38.9 million in secured promissory notes, from May 15, 2024, to July 22, 2024. Additionally, the required minimum balance in the account has been increased from $7 million to $7.4 million. This segregated account was established as part of the original Loan Agreement under which the company borrowed $36 million. The details of the amendment are fully described in Exhibit 10.1, which is incorporated by reference into the report filed with the SEC.
On May 15, 2024, Ault Alliance, Inc., along with its subsidiaries, entered into an amendment to its existing Loan and Guaranty Agreement with Ault & Company, Inc. and other lenders. The amendment extends the deadline for Ault Alliance to maintain a specified minimum balance in a segregated account, which serves as a guarantee for the repayment of $38.9 million in secured promissory notes, from May 15, 2024, to July 22, 2024. Additionally, the required minimum balance in the account has been increased from $7 million to $7.4 million. This segregated account was established as part of the original Loan Agreement under which the company borrowed $36 million. The details of the amendment are fully described in Exhibit 10.1, which is incorporated by reference into the report filed with the SEC.
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