Neptune Wellness Solutions Faces Default, Appoints New Counsel

Neptune Wellness Solutions (NEPTF) has shared an announcement.

Sprout Foods, Inc. has received a Notice of Default for failing to meet the terms of a secured promissory note, citing issues such as default on other debts, inability to pay debts as they mature, insolvency, and potential negative impacts on the collateral’s value and the company’s financial state. As a result, Sprout is facing a $13 million principal and $3.9 million interest debt, with additional interest accruing due to the default. Meanwhile, the company has appointed Christopher Piazza as Acting General Counsel, leveraging his extensive legal expertise in securities and mergers & acquisitions from his prior roles at renowned law firms.

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