Giftify Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement.
On September 20, 2024, the registrant (“Giftify”), entered into a secured promissory note (the “Note”) with Spars Capital Group LLC (“Spars Capital”) in the principal amount of $2,000,000 bearing annual interest of 11.5% that had a maturity date of January 20, 2025. The Note is collateralized by a blanket lien on the assets of Giftify under the terms of a Security Agreement and is subordinated only to the line of credit owed by Giftify to Pathward, National Association in the amount of $6,459,000.
On January 22, 2025, under the terms of an Allonge to Promissory Note (the “Allonge”), Giftify paid Spars Capital $1,000,000.00 of the principal amount due under the Note and made an interest payment of $77,506.85. Spars Capital and Giftify agreed to extend the remaining principal balance due under the Note to February 19, 2025, and for Giftify to pay the accrued interest in the amount of $9,583.33 for a total principal and interest payment of $1,009,583.33.
The Allonge is subject to additional customary terms and conditions. The foregoing description of the Allonge does not purport to be complete and is qualified in its entirety by reference to the Allonge that is filed as Exhibits 10.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibits
| 10.1 | Allonge to Promissory dated January 22, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Date: January 28, 2025 | GIFTIFY, Inc. | |
| By: | /s/ Ketan Thakker | |
| Ketan Thakker | ||
| President and CEO | ||
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