Mill City Ventures III Enters Material Definitive Agreement
Ticker: SUIG · Form: 8-K · Filed: Jan 28, 2025 · CIK: 1425355
| Field | Detail |
|---|---|
| Company | Mill City Ventures III, Ltd (SUIG) |
| Form Type | 8-K |
| Filed Date | Jan 28, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement
TL;DR
MCVT signed a big deal on Jan 22nd, details TBD.
AI Summary
Mill City Ventures III, Ltd. (MCVT) entered into a material definitive agreement on January 22, 2025. The filing does not disclose the specific details of this agreement, only that it constitutes a material definitive agreement.
Why It Matters
This filing indicates a significant new development or contract for Mill City Ventures III, Ltd., which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its nature and potential impact.
Key Players & Entities
- Mill City Ventures III, Ltd. (company) — Registrant
- January 22, 2025 (date) — Date of earliest event reported
- POKER MAGIC INC (company) — Former company name
FAQ
What is the nature of the material definitive agreement entered into by Mill City Ventures III, Ltd.?
The filing does not specify the details of the material definitive agreement, only that one was entered into on January 22, 2025.
When was the material definitive agreement entered into?
The material definitive agreement was entered into on January 22, 2025.
What is the principal executive office address for Mill City Ventures III, Ltd.?
The principal executive office address is 1907 Wayzata Boulevard, Suite 205, Wayzata, MN 55391.
What is the IRS Employer Identification Number for Mill City Ventures III, Ltd.?
The IRS Employer Identification Number is 90-0316651.
Has Mill City Ventures III, Ltd. changed its name previously?
Yes, the company was formerly known as POKER MAGIC INC, with a date of name change on January 29, 2008.
Filing Stats: 497 words · 2 min read · ~2 pages · Grade level 13 · Accepted 2025-01-28 16:53:06
Filing Documents
- mcvt_8k.htm (8-K) — 18KB
- 0001654954-25-000880.txt ( ) — 128KB
- mcvt-20250122.xsd (EX-101.SCH) — 6KB
- mcvt-20250122_lab.xml (EX-101.LAB) — 13KB
- mcvt-20250122_cal.xml (EX-101.CAL) — 1KB
- mcvt-20250122_pre.xml (EX-101.PRE) — 8KB
- mcvt-20250122_def.xml (EX-101.DEF) — 2KB
- mcvt_8k_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On January 22, 2025, Mill City Ventures III, Ltd. ("Mill City") entered into an Amendment No. 5 to Fourth Short-Term Loan Agreement and Fourth Short-Term Promissory Note with Mustang Funding, LLC, to be deemed effective January 21, 2025. The amendment extends the maturity date of Mill City's loan to Mustang Funding to March 28, 2027, and increases the per annum rate of interest to 20%. The amendment obligates Mustang Funding to continue paying monthly cash interest payments at the pre-amendment rate of 15% per annum, and to pay Mill City the additional 5% per annum interest upon maturity. Mill City entered into the amendment in connection with its negotiations with both Mustang Funding and its senior creditor for (i) a security agreement with Mustang Funding to obtain collateral securing Mustang Funding's obligations to Mill City under the Fourth Short-Term Loan Agreement and Fourth Short-Term Promissory Note, and (ii) an amended and restated subordination and intercreditor agreement with the senior creditor. The parties are presently in the process of executing and delivering signatures to the above-described agreements. 2 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. Mill City Ventures III, Ltd. Date: January 28, 2025 By: /s/Joseph A. Geraci, II Joseph A. Geraci, II Chief Financial Officer 3