SOPerior Fertilizer Corp. announced that on June 29, 2023 it received a notice of default from Lind Asset Management VII, LLC, a fund managed by The Lind Partners, LLC (collectively, “Lind”) with respect to its Convertible Security Funding Agreement dated December 16, 2016, as amended (the “CSFA”). Lind’s default notice is requesting that the Company pay the principal and interest due and outstanding under the CSFA.

The Company has until July 10, 2023 to repay the balance after which time Lind has the right to take all actions and remedies provided for in the security instruments which include foreclosing on its lien of the property and assets of the Company. The Company’s proposed JV partner has informed SOP that it is committed to remedying the default notice by July 10, 2023. The Company has no present ability to satisfy the principal and interest due and outstanding under the CSFA, and there is no guarantee that the JV partner will be able to remedy the default notice by the deadline or at all.

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