[144] 1stdibs.com, Inc. SEC Filing

Rhea-AI Filing Summary

Super League Enterprise, Inc. (Nasdaq: SLE) filed an 8-K disclosing amendments to four unsecured promissory notes that together represent approximately $3.27 million of principal.

• Firepit Notes (3 lenders, $1.77 million aggregate): maturity pushed out one year to August 1, 2025; interest rate lifted to 20% starting June 1, 2025. The company must make two consideration payments totalling $37,500 each to Drozdov and Khakshoor and $25,000 to Firepit. Missing either payment constitutes an event of default.
• Board-member Note ($1.5 million): maturity extended two years to November 19, 2026. Interest stops accruing after November 19, 2025. Beginning that date, SLE will repay principal through 12 equal monthly instalments of $175,000, fully retiring the note by November 2026.

The amendments improve near-term liquidity by deferring principal repayments, but at the cost of substantially higher interest on the Firepit Notes and added cash outflows linked to consideration payments. The company’s leverage profile is unchanged; however, the 20% rate signals constrained access to lower-cost capital. Investors should monitor SLE’s ability to meet the scheduled consideration and instalment payments to avoid default events.

Positive

• Maturity extensions to Aug 2025 and Nov 2026 defer principal repayments, improving short-term liquidity.
• Zero-interest period on the $1.5 million board-member note after Nov 19 2025 lowers future financing cost.

Negative

• Interest rate hike to 20% on $1.77 million of Firepit Notes materially increases interest expense.
• Default triggers tied to missed consideration payments introduce additional event risk.
• Cash outflows of $87,500 in consideration payments and $2.1 million of amortisation starting Nov 2025 pressure liquidity.

Insights

Equity Research Analyst

TL;DR – Liquidity relief offset by very expensive debt; overall neutral.

Extending maturities reduces imminent refinancing pressure and staggers cash requirements, a mild positive for equity holders given SLE’s limited cash generation. Nonetheless, the 20% step-up rate on the Firepit Notes materially increases interest expense—roughly $0.35 million annually—while the $100k of consideration payments drain cash in Q2–Q3 2025. The board-member note is inexpensive after November 2025 owing to zero interest, but the $175k monthly amortisation will demand consistent operating cash flow. On balance, the filing signals tighter financing conditions yet averts a near-term liquidity crunch. I view the impact as neutral.

Credit Analyst

TL;DR – Higher-cost borrowing raises default risk; negative for creditors.

Replacing short-dated notes with a 20% coupon underscores SLE’s weak credit profile. Failure to make modest consideration payments triggers default, adding event-risk. While pushing principal beyond FY-25 aids liquidity, the incremental interest and 12-month $175k amortisation starting Nov-25 tighten future coverage ratios. Unless operating performance improves, SLE may require additional capital before 2026. I regard this as credit-negative.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001898365
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	1stdibs.com, Inc.
SEC File Number	001-40453
Address of Issuer	300 PARK AVENUE SOUTH 10TH FLOOR NEW YORK NEW YORK 10010
Phone	212-627-3929
Name of Person for Whose Account the Securities are To Be Sold	Rubinger Matthew
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	1848	5560.41	35684049	06/27/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	06/08/2025	Restricted Stock Vesting	Issuer			1848	06/08/2025	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks
Date of Notice	06/27/2025
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	09/16/2024
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Jennifer Ruchti, as a duly authorized representative of Fidelity Brokerage Services LLC, as attorney-in-fact for Matthew Rubinger
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is the total principal affected by Super League Enterprise's note amendments?

The amendments cover approximately $3.27 million in unsecured promissory notes.

How high is the new interest rate on the Firepit Notes for SLE?

Interest on each Firepit Note increases to 20% effective June 1, 2025.

When do the amended Firepit Notes now mature?

All three Firepit Notes mature on August 1, 2025.

What are the repayment terms for the $1.5 million board-member note?

Starting November 19, 2025, SLE will pay $175,000 monthly for 12 months; no interest accrues after that date.

What could trigger an event of default under the amended Firepit Notes?

Failure to make the two scheduled consideration payments by June 15 and July 15 2025 constitutes an event of default.