Limitless X Holdings Inc 8-K, filed Jan 30, 2025
Limitless X Holdings Inc. (LIMX)
About this 8-K
Limitless X Holdings Inc filed this 8-K on January 30, 2025, reporting on events of January 24, 2025.
Items reported
- Item 1.01: Entered into a material agreement
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On January 24, 2025, Limitless Films, Inc. (“Lender”), a subsidiary of Limitless X Holdings Inc. (the “Company”) entered into a Bridge Loan Agreement with a film producer (the “Borrower”) to finance part of the pre-production budget for Borrower’s upcoming film (the “Picture”) with an A-list actor. The Lender agreed to loan to Borrower on a secured basis one million dollars ($1,000,000) in order for Borrower to meet its cash flow requirements for the Picture (the “Loan”). Under the Bridge Loan Agreement, an affiliate of the Company and Lender, EM1 Capital LLC, solely owed and managed by Jaspreet Mathur, the Company’s Chief Executive Officer, Chairman of the Company’s board of directors, and a significant shareholder, advanced the Loan to Borrower pursuant to the terms of the Bridge Loan Agreement.
The Loan bears an interest rate of twelve and one-half percent (12.5%) per annum from the date that the Loan funds were received by Borrower. The maturity date on the Loan is the earlier of (i) the first day of principal photography of the Picture, or (ii) December 15, 2025. The Bridge Loan Agreements grants Lender a security interest in Borrower’s copyright interest in the Picture and the screenplay.
The foregoing is only a summary of the Bridge Loan Agreement and is qualified in its entirety by reference to the full text of the Bridge Loan Agreement, which will be attached as an exhibit to a future periodic report of the Company or other filing with the Securities and Exchange Commission as certain information has been redacted pursuant to the parties’ intention under the Bridge Loan Agreement for such information to remain confidential until the Borrower has publicly announced the Picture in accordance with industry standards.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Limitless X Holdings Inc. | |||
| Date: | January 30, 2025 | By: | /s/ Jaspreet Mathur |
| Name: | Jaspreet Mathur | ||
| Title: | Chief Executive Officer | ||