UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.04 | Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement |
On December 12, 2023, iSun, Inc. (the “Company”) and its subsidiaries entered into the Revenue Loan and Security Agreement (the “Loan Agreement”) with Decathlon Specialty Finance, LLC, pursuant to which the Company borrowed the aggregate principal amount of up to $8,000,000, as described in the Company’s Current Report on Form 8-K, dated December 13, 2023.
On May 9, 2024, the Company received notice from Decathlon Growth Credit, LLC (“Decathlon”), successor in interest to Decathlon Specialty Finance, LLC, of an Event of Default under the Loan Agreement, with respect to (i) the Company’s failure to deliver Deposit Account Control Agreements to Decathlon as required by the Loan Agreement, (ii) the Company’s incurrence of indebtedness not permitted under the Loan Agreement, and (iii) the Company’s grant of liens on its assets in violation of the Loan Agreement. The notice states that Decathlon has demanded the immediate payment of all obligations owed by the Company to Decathlon, including Decathlon’s costs of collection.
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.
Dated: May 15, 2024
| iSun, Inc. | ||
| By: | /s/ Jeffrey Peck | |
| Name: | Jeffrey Peck | |
| Title: | Chief Executive Officer | |