Summary by Moomoo AI
Ault Alliance, Inc., a Delaware-based corporation, has entered into a significant financial agreement by issuing a term note with a principal amount of $1,705,000 to an accredited investor, effective April 29, 2024. The note, which carries an annual interest rate of 15%, was issued at a discount with a purchase price of $1,550,000 and is set to mature on May 17, 2024. Ault Alliance has secured the repayment of the note with a guaranty from both its wholly owned subsidiary, Ault Lending, LLC, and Milton C. Ault, the company's Executive Chairman. This financial move creates a direct financial obligation for Ault Alliance, as detailed in the Form 8-K report filed with the SEC. The terms of the note and guaranty are outlined in exhibits annexed to the report, which provide a comprehensive understanding of the rights and obligations of the involved parties.