SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (NASDAQ:SHFS) has negotiated the resolution of approximately $68.6 million in debt obligations since the beginning of 2023.
“Since the beginning of the year, we have been working hard to resolve the financial complexities associated with, and the debt arising from our go-public transaction,” stated Sundie Seefried, CEO at Safe Harbor. “We are pleased to have resolved more than 60% of all of the outstanding debt reported in our recently filed 2022 audited financial results and are looking forward to focusing solely on growing our business both organically and via attractive M&A opportunities.”
The debt resolution includes the agreements Safe Harbor entered into with Partner Colorado Credit Union that resulted in the settlement of the approximately $64.7 million deferred payable owed to PCCU, comprised of $14.5 million in serviceable debt payable at a 4.25% annual interest rate over a five-year period; and 11.2 million shares of class A common stock in the company valued at $50.2 million The remaining approximately $3.9 million in debt was resolved via a payment of $1.7 million in cash and $700,000 in serviceable debt payable at 0% interest over a one-year period.
On April 14, 2023, Safe Harbor filed its audited financial results for the quarter and year ended December 31, 2022 with the U.S. Securities and Exchange Commission, reporting $81.9 million in total debt for 2022.
Photo: Benzinga edit with photo by Kindel Media on Pexels
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