Cyber App Solutions Corp. 8-K

What Happened

• Cyber App Solutions Corp. filed an 8-K (Item 2.04) reporting that on March 5, 2026 it received notice that Kips Bay Select, LP filed a Notice of Trustee's Sale on February 26, 2026 relating to certain convertible promissory notes dated November 21, 2023. The foreclosure relates to a Security Agreement and a deed of trust recorded in Apache County, Arizona. The public auction is scheduled for June 2, 2026 at 11:30 a.m. at the Apache County Courthouse in St. Johns, AZ. The Company says the Investors initiated the foreclosure due to previously disclosed defaults.

Key Details

• Convertible notes date: November 21, 2023; Investors: Kips Bay Select, LP and Cyber One, LTD.
• Foreclosure filing (Notice of Trustee’s Sale) filed: February 26, 2026; Company received formal notice: March 5, 2026.
• Scheduled auction: June 2, 2026 at 11:30 a.m., Apache County Courthouse, 70 W 3rd South St., St. Johns, AZ 85936.
• Company estimates the amount due upon acceleration is approximately $28,000,000 (includes default interest and fees).
• The Company is in discussions with the Investors to try to restructure and avoid foreclosure, but no agreement has been reached and no assurance of outcome was provided.

Why It Matters

• The filing signals a triggering event that accelerates a direct financial obligation (Item 2.04): the Investors claim roughly $28M is immediately due and have moved to sell secured assets. A successful trustee’s sale could result in the loss or transfer of assets pledged under the Security Agreement and materially affect the Company’s balance sheet and capital structure. The Company’s ongoing negotiations with the Investors may prevent the sale, but there is no guarantee. Investors should monitor further disclosures and any material developments regarding negotiations, repayment, or the foreclosure sale.