Item 1.01 Entry into a Material Definitive Agreement.
On January 11, 2022, Bantec, Inc. (the "Company") entered into a convertible
promissory note with Sixth Street Lending, LLC ("Lender") in the principal
amount of $53,750.00, (the "January 11, 2022 Note"). The January 11, 2022 Note
carries interest at the rate of 10%, matures on January 11, 2023, and is
convertible into shares of the Company's common stock, par value $0.0001, at the
Lender's election, after 180 days, at a 35% discount, provided that the Lender
may not own greater than 4.99% of the Company's common stock at any time.
The Company received funding under the January 11, 2022 Note on January 13,
2022.
The foregoing is a summary of the terms of the January 11, 2022 Note and is
qualified in its entirety by the January 11, 2022 Note attached hereto and
incorporated herein as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: The following exhibits are filed with this report:
Exhibit No. Description
10.1 January 11, 2022 Convertible Promissory Note with Sixth Street
Lending, LLC
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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