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- Debt Default (new) — Loan includes standard default triggers including payment failures and covenant breaches, with interest rate jumping to 18% upon default.
IIPR borrows $20M at 10% interest, pledges ATM equity proceeds as collateral
Filed May 22, 2026 · Period ending May 22, 2026 · ~1 min read
Key Changes
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Company borrowed $20M from A.G.P./Alliance Global Partners at 10% annual interest (18% if default), maturing October 2026, with weekly payments starting May 29. Proceeds will repay May 2026 senior notes.
Item 1.01: Loan Agreement verify on EDGAR → -
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All proceeds from company's at-the-market equity offering are pledged as loan collateral. Lender controls a segregated account holding ATM proceeds and can sell shares without approval if company defaults.
Item 1.01: Security Agreement verify on EDGAR → -
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Loan restricts company from using any ATM program except with this lender, limits new debt, and requires immediate repayment if ATM program terminates, trading is suspended, or control changes.
Item 1.01: Covenants verify on EDGAR →
1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · May 26, 2026 2:35 PM