SOPerior Fertilizer Corp. announced that on June 29, 2023 the Company 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.

Although the Company's proposed JV partner, Argos Investment Partners, had informed SOP that it was committed to remedying the default notice by the July 10, 2023 deadline, it failed to do so. The Company is currently in discussions with Lind and is exploring alternatives.