PropTech Investment Corporation II filed SEC Form 8-K: Creation of a Direct Financial Obligation, Regulation FD Disclosure
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Item 7.01 Regulation FD Disclosure.
On November 16, 2023, Appreciate Holdings Inc. (the “Company”) borrowed an additional $1,000,000 pursuant to that certain Secured Promissory Note dated as of November 16, 2023, issued under the Company’s existing Securities Purchase Agreement, dated as of November 7, 2016 (as amended, modified, supplemented, increased and extended from time to time, the “Financing Agreement”), by and among the Company, RW OpCo, LLC and St. Cloud Capital Partners III SBIC, L.P. (“St. Cloud Capital Partners”).
The funds were provided by Christopher Laurence, the Chief Executive Officer of the Company, whose funds participated along with the amounts previously advanced under the Financing Agreement, with Mr. Laurence’s funds having a repayment priority over the amounts previously funded by St. Cloud Capital Partners and others under that facility.
In consideration for such funding, the Company agreed that Mr. Laurence would receive a subordinated debenture along with the Company’s existing Subordinated Debentures, entitling him to receive an additional $2,000,000.
In conjunction with this additional investment, subject to certain conditions, St. Cloud Capital Partners has agreed to not take any further actions under the Financing Agreement until December 18, 2023 and the Company agreed to continue to cooperate with St. Cloud Capital Partners in connection with their collective efforts to seek repayment options for the amounts advanced under the facility.
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SIGNATURE
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 hereunto duly authorized.
| Appreciate Holdings, Inc. | ||
| Date: November 24, 2023 | By: | /s/ Christopher Laurence |
| Name: | Christopher Laurence | |
| Title: | Chief Executive Officer | |
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