Reed's, Inc. Reports Material Definitive Agreement

TL;DR

Reed's Inc. just signed a big financial deal, filing an 8-K on April 2nd.

AI Summary

On April 1, 2024, Reed's, Inc. entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Delaware with IRS number 352177773, filed this 8-K report on April 2, 2024, detailing the creation of this obligation.

Why It Matters

This filing indicates a significant financial event for Reed's, Inc., potentially impacting its financial obligations and operational capacity.

Risk Assessment

Risk Level: medium — The creation of a direct financial obligation can introduce new risks related to debt servicing and financial stability.

Key Players & Entities

• REED'S, INC. (company) — Registrant
• April 1, 2024 (date) — Earliest event reported
• April 2, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• 352177773 (tax_id) — IRS Employer Identification Number

FAQ

Key Financial Figures

• $100,000 — remitted a partial Interest payment of $100,000. Further, the parties agreed to fix the
• $4.1 million — suable upon conversion of approximately $4.1 million of SAFE investments funded by the Compa

Filing Documents

• form8-k.htm (8-K) — 37KB
• ex10-1.htm (EX-10.1) — 77KB
• 0001493152-24-012856.txt ( ) — 288KB
• reed-20240401.xsd (EX-101.SCH) — 3KB
• reed-20240401_lab.xml (EX-101.LAB) — 33KB
• reed-20240401_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 3KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 1, 2024 REED'S, INC. (Exact name of registrant as specified in its charter) Delaware 001-32501 35-2177773 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 201 Merritt 7 Corporate Park , Norwalk , CT 06851 (Address of principal executive offices and zip code) Not applicable (Former name or former address if changed since last report) Registrant's telephone number, including area code: (800) 997-3337 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: none Title of Each Class Trading Symbol(s) Name of Each Exchanged on Which Registered Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 1.01 Entry Into a Material Definitive Agreement. On April 1, 2024, Reed's, a Delaware corporation ("Reed's" or the "company"), each holder of its 10% Secured Convertible Notes (the "Notes") and Wilmington Savings Fund Society, FSB, holder representative and collateral agent, entered into an Amendment ("Amendment") to Limited Waiver, Deferral, and Amendment and Restatement Agreement dated February 12, 2024 ("Waiver Agreement," as amended, by the Amendment the "Amended Waiver"). Capitalized terms not defined herein have the meanings ascribed to them in the Amended Waiver. certain existing events of default under the Notes to April 30, 2024 and to extend the waiver of monthly Amortization Payments to April 30, 2024. Reed's remitted a partial Interest payment of $100,000. Further, the parties agreed to fix the maturity date of the Option Notes at March 31, 2023 and to amend the definition of "Permitted Indebtedness" such that its application will commence once the Amended and Restated Notes are issued. The Amended and Restated Notes are issuable upon conversion of approximately $4.1 million of SAFE investments funded by the Company into equity of the company, before April 30, 2023. The foregoing description of the Amendment does not purport to be complete and is qualified by reference to the full text of such agreement, which is filed as exhibits 10.1to this Current Report on Form 8-K. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits. (d) The following items are filed as exhibits to the Current Report on Form 8-K: Exhibit No. Description 10.1 Amendment to Limited Waiver, Deferral, and Amendment and Restatement Agreement by and between Reed's, Inc. and each holder and Wilmington Savings Fund Society, FSB, holder representative and collateral agent dated April 1, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 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, thereunto duly authorized. REEDS, INC., a Delaware corporation Dated: April 2, 2024 By: /s/ Norman E. Snyder, Jr. Norman E. Snyder, Jr., Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR