SHF Holdings, Inc 8-K, filed Nov 8, 2022
SHF Holdings, Inc. (SHFS)
About this 8-K
SHF Holdings, Inc filed this 8-K on November 8, 2022, reporting on events of November 2, 2022.
Items reported
- Item 2.04: Debt obligation accelerated or increased
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CURRENT REPORT
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Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On September 28, 2022, Northern Lights Acquisition Corp. (now known as SHF Holdings, Inc., the “Company” or “SHF”) entered into a promissory note (the “Note”) with EF Hutton, a division of Benchmark Investments, LLC (“EF Hutton”). Pursuant to the Note, the Company is indebted to EF Hutton in the amount of $2,166,250.
The Note provides that SHF was obligated to pay EF Hutton the principal sum of $2,166,250 on the following schedule: (i) $715,750 on October 14, 2022 and (ii) $362,625 on each of October 31, 2022, November 30, 2022, December 31, 2022 and January 31, 2023. On November 2, 2022, EF Hutton issued a notice of default to the Company indicating that the remaining principal balance of the $1,450,500 is immediately due and payable with default interest of 24% per annum, and that EF Hutton intended to pursue legal action if full payment was not received by November 7, 2022. EF Hutton claimed that SHF defaulted on the Note by failing to pay the $362,625 installment payment due October 31, 2022. The Company is currently investigating available remedies and intends to defend itself against any claims.
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.
| SHF HOLDINGS, INC. | ||
| Date: | November 8, 2022 | |
| By: | /s/ Donnie Emmi | |
| Name: | Donnie Emmi | |
| Title: | Chief Legal Officer | |