Sacks Parente Golf Secures $1M Loan
Ticker: NWTG · Form: 8-K · Filed: Dec 16, 2024 · CIK: 1934245
| Field | Detail |
|---|---|
| Company | Sacks Parente Golf, INC. (NWTG) |
| Form Type | 8-K |
| Filed Date | Dec 16, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.01, $2.40, $1, $1.199, $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-financing, material-agreement
Related Tickers: SPGC
TL;DR
SPGC just got a $1M loan, could be good for cash flow.
AI Summary
On December 11, 2024, Sacks Parente Golf, Inc. entered into a Material Definitive Agreement, specifically a loan agreement with an initial principal amount of $1,000,000. This agreement was made with an entity identified as "Lender" and is subject to certain conditions precedent. The company also reported other events and filed financial statements and exhibits.
Why It Matters
This $1,000,000 loan provides Sacks Parente Golf with additional capital, which could be used for operational needs or strategic initiatives, potentially impacting its financial stability and growth prospects.
Risk Assessment
Risk Level: medium — The company has entered into a new loan agreement, which introduces financial leverage and repayment obligations that could pose risks if not managed effectively.
Key Numbers
- $1.0M — Loan Principal (Initial amount secured by Sacks Parente Golf, Inc.)
Key Players & Entities
- Sacks Parente Golf, Inc. (company) — Registrant
- December 11, 2024 (date) — Date of earliest event reported
- $1,000,000 (dollar_amount) — Initial principal amount of loan
- Lender (company) — Party to the loan agreement
FAQ
What is the purpose of the $1,000,000 loan obtained by Sacks Parente Golf, Inc.?
The filing does not explicitly state the purpose of the loan, but it is described as an "initial principal amount" indicating it's for capital infusion.
Who is the "Lender" in the material definitive agreement?
The filing refers to the counterparty as "Lender" without providing a specific company name in the provided text.
What are the key terms and conditions of the loan agreement?
The filing mentions that the loan is subject to "certain conditions precedent" but does not detail these conditions or other specific terms like interest rate or maturity date.
When did Sacks Parente Golf, Inc. enter into this material definitive agreement?
The earliest event reported for this Form 8-K was on December 11, 2024.
What other items are included in this 8-K filing besides the material definitive agreement?
The filing also reports "Other Events" and includes "Financial Statements and Exhibits."
Filing Stats: 1,662 words · 7 min read · ~6 pages · Grade level 12.9 · Accepted 2024-12-16 06:05:52
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share SPGC The Nasdaq Stock Mar
- $2.40 — of common stock at an exercise price of $2.40 per share (or 200% of the price of each
- $1 — purchase price of each Common Unit was $1.20, and the purchase price of each Pre-
- $1.199 — se price of each Pre-Funded Warrant was $1.199 (which is equal to the public Offering
- $0.001 — qual to the public Offering price minus $0.001). The Pre-Funded Warrants are immediate
- $8,400,000 b — ceeds to the Company were approximately $8,400,000 before deducting underwriter fees and oth
- $100,000 — out-of-pocket expenses including up to $100,000 for reasonable legal fees and disbursem
Filing Documents
- form8-k.htm (8-K) — 50KB
- ex1-1.htm (EX-1.1) — 323KB
- ex4-1.htm (EX-4.1) — 177KB
- ex4-2.htm (EX-4.2) — 157KB
- ex5-1.htm (EX-5.1) — 25KB
- ex99-1.htm (EX-99.1) — 14KB
- ex5-1_001.jpg (GRAPHIC) — 15KB
- ex5-1_002.jpg (GRAPHIC) — 9KB
- ex99-1_001.jpg (GRAPHIC) — 5KB
- 0001493152-24-050093.txt ( ) — 1097KB
- spgc-20241216.xsd (EX-101.SCH) — 3KB
- spgc-20241216_lab.xml (EX-101.LAB) — 33KB
- spgc-20241216_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 3KB
SIGNATURES
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 hereunto duly authorized. Date: December 16, 2024 SACKS PARENTE GOLF, INC. By: /s/ Greg Campbell Greg Campbell Executive Chairman