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Acura Pharmaceuticals, Inc. (OTC Market: ACUR), a pharmaceutical company specializing in the development of drug delivery systems, has entered into a loan agreement with Abuse Deterrent Pharma, LLC (AD Pharma), according to a recent SEC filing.
The company disclosed that it received a $50,000 loan on December 12, 2024, adding to previous loans from AD Pharma totaling $175,000 received in November 2024. These loans, combined with earlier financing, bring Acura's principal balance to $6,944,279 with approximately $500,000 in accrued interest as of December 12, 2024.
The loan carries a 5.25% interest rate and is due in full by February 28, 2025. In the event of default, which includes bankruptcy or failure to pay principal and interest within 5 days of the due date, the overdue amount will accrue interest at a rate of 7.5%.
The financial support from AD Pharma is crucial for Acura's daily operations, and the company acknowledges the potential need for additional financing by the end of December 2024 to avoid scaling back or ceasing operations.
AD Pharma, controlled by Mr. Schutte, who is also the managing partner and investor, owns approximately 65% of Acura's outstanding common stock, not including warrants for an additional 10 million shares. Mr. Schutte directly holds about 13% of the outstanding common stock.
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