Loan & DebtAug 7, 2026, 04:39 PM
Aeries Technology settles $1.14M liability with Sea Otter
AI Summary
Aeries Technology, Inc. entered into a Letter Agreement with Sea Otter Trading, LLC to settle a past-due Payment Liability of $1,141,461. The agreement includes an initial cash payment of $100,000, followed by monthly amortization payments of $75,000 starting September 15, 2026, with interest accruing at 7.5% annually. As collateral, Aeries will issue 145,183 Class A ordinary shares to Sea Otter, with provisions for additional shares if the collateral value drops. Sea Otter can sell these shares under specific conditions, including a minimum sale price of $8.40 per share, and will return shares corresponding to cash payments received.
Key Highlights
- Aeries Technology settled a $1,141,461 past-due Payment Liability with Sea Otter Trading, LLC.
- An initial cash payment of $100,000 was made on August 5, 2026.
- Monthly amortization payments of $75,000 will commence on September 15, 2026.
- Interest will accrue on the Payment Liability at 7.5% per annum, paid monthly.
- Aeries will issue 145,183 Class A ordinary shares as collateral to Sea Otter.
- Sea Otter can sell collateral shares at a minimum price of $8.40 per share.
- The share issuance is an unregistered sale under Section 4(a)(2) of the Securities Act.
Price Impact
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