Sezzle Inc. Files 8-K for Material Definitive Agreement
Ticker: SEZL · Form: 8-K · Filed: Aug 28, 2024 · CIK: 1662991
| Field | Detail |
|---|---|
| Company | Sezzle Inc. (SEZL) |
| Form Type | 8-K |
| Filed Date | Aug 28, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.00001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation, 8-k
TL;DR
Sezzle signed a big deal, check the 8-K for details.
AI Summary
On August 26, 2024, Sezzle Inc. entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Delaware with its principal executive offices in Minneapolis, MN, filed this 8-K report on August 28, 2024.
Why It Matters
This filing indicates Sezzle Inc. has entered into a significant agreement that could impact its financial obligations and operational structure.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent risks.
Key Numbers
- 001-41781 — SEC File Number (Identifies Sezzle Inc.'s filing with the SEC.)
- 81-0971660 — IRS Employer Identification No. (Tax identification number for Sezzle Inc.)
Key Players & Entities
- Sezzle Inc. (company) — Registrant
- August 26, 2024 (date) — Date of earliest event reported
- August 28, 2024 (date) — Date of report
- Delaware (jurisdiction) — State of incorporation
- Minneapolis, MN (location) — Principal executive offices
FAQ
What type of material definitive agreement did Sezzle Inc. enter into?
The filing indicates the entry into a material definitive agreement and the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specific details of the agreement are not provided in this excerpt.
What is the significance of the 'Creation of a Direct Financial Obligation' item?
This item signifies that Sezzle Inc. has undertaken a new financial commitment or responsibility, which could involve debt, leases, or other financial arrangements.
When was this 8-K filing submitted to the SEC?
The 8-K filing was submitted on August 28, 2024.
What is Sezzle Inc.'s principal executive office address?
Sezzle Inc.'s principal executive offices are located at 700 Nicollet Mall, Suite 640, Minneapolis, MN 55402.
What is the earliest event date reported in this 8-K?
The earliest event reported in this 8-K is August 26, 2024.
Filing Stats: 980 words · 4 min read · ~3 pages · Grade level 13.9 · Accepted 2024-08-28 17:00:58
Key Financial Figures
- $0.00001 — ich Registered Common Stock, par value $0.00001 per share SEZL The Nasdaq Stock Market
Filing Documents
- szl-20240826.htm (8-K) — 28KB
- 0001662991-24-000242.txt ( ) — 160KB
- szl-20240826.xsd (EX-101.SCH) — 2KB
- szl-20240826_lab.xml (EX-101.LAB) — 24KB
- szl-20240826_pre.xml (EX-101.PRE) — 14KB
- szl-20240826_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement WebBank Banking Program On August 26, 2024, Sezzle Inc. (Sezzle or the Company) and WebBank, an FDIC-insured, Utah-chartered industrial bank, entered into a five-year strategic partnership program by executing a Loan and Receivables Sale Agreement and Marketing and Servicing Agreement. The program is expected to launch in September 2024, subject to completion of the parties' confirmatory testing and procedures. WebBank will serve as Sezzle's exclusive bank to originate and finance products currently offered through the Sezzle platform, including Sezzle's "Pay-in-2" and "Pay-in-4" products, subject to limited exceptions. WebBank will also serve as the exclusive issuer of all Sezzle subscription products and the exclusive issuer of Sezzle card products, including the Sezzle Virtual Card (subject to up to a one-year transition period) and gift cards. WebBank, through Sezzle's marketing efforts, will offer loans to U.S. customers to finance purchases of merchant products through the Sezzle platform or within Sezzle's direct merchant network. Sezzle, subject to WebBank's review and approval, will act as the administrator of the program and master servicer, with responsibility over the marketing, administration, legal and compliance, application of WebBank's underwriting criteria, origination assistance, and ongoing servicing functions. WebBank has the right to sell all loans it originates under the program to other entities, including Sezzle. In the event WebBank sells loans to Sezzle, the purchase price would be the principal amounts of the loans, plus accrued interest and certain fees. The Loan and Receivables Sale Agreement and the Marketing and Servicing Agreement contain certain indemnification rights and obligations and certain customary representations and warranties, affirmative covenants, and events of termination. The foregoing descriptions of the terms of the Loan and Receivables Sale Agreement
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure The Company is in the process of determining the economic effect of the program on the Company's existing guidance, which are subject to a number of assumptions and determinations, including the actual launch date of the program. The Company expects to provide updated guidance for investors to be announced contemporaneously with the release of its third quarter results, but will not be in a position to announce any updates until such time. Details of the time and release of the Company's earnings call announcing third quarter results and any such updated guidance will be released in early November, consistent with the Company's historical practices. 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. SEZZLE INC. Dated: August 28, 2024 By: /s/ Charles Youakim Charles Youakim Chief Executive Officer