Circle8 Group Inc.
10/23/2026 | Press release | Distributed by Public on 10/23/2026 15:01
Acceleration/Increase of Financial Obligation, Financial Obligation (Form 8-K)
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
Employers Personnel, LLC default issued to Lyneer Staffing Solutions, LLC.
Circle8 Group Inc.'s Lyneer subsidiary, Lyneer Staffing Solutions, LLC ("Lyneer") received notice of default from its professional employer organization, Employers Personnel, LLC. ("PEO"), of default under its service agreement with Lyneer. The notice alleged that Lyneer was in default of its payment obligations under the service agreement and reserved the PEO's rights under the agreement. Lyneer is in discussions with the PEO to address the alleged default and is working with the PEO to achieve a mutually agreeable resolution.
SPP Credit Advisors, LLC. Default Notice
By letter dated October 14, 2026, SPP Credit Advisors, LLC. ("SPP") notified Circle8 Group Inc. (the "Company") and the Lyneer Subsidiaries that certain events of default have occurred under the Amended and Restated Loan Agreement dated as of April 29, 2025 (the "Financing Agreement"), by and among the Lyneer subsidiaries, IDC Technologies, Inc., SPP and the administrative agent for SPP ("Agent"). Simultaneously, SPP provided notice to the Company of default under the Bridge Loan Agreement, dated June 18, 2024, between SPP, the Company and the lender parties thereto. SPP asserted certain cross Events of Default (as defined) related to the default notice received from the PEO reported above. In its notice to the companies, SPP confirmed that the Agent and SPP have not waived the specified Events of Default, and that the Agent and SPP reserve all of their rights and remedies under the Financing Agreement, the Loan Documents (as defined in the Financing Agreement) and the Bridge Loan documents, and any applicable law with respect to the specified Events of Default. The Company is reviewing these matters and the veracity of the purported defaults particularly in view of the Settlement Agreement dated August 7, 2026. The Company is in discussions with SPP and SPP has taken no further action at this time.
North Mill Capital LLC d/b/a SLR Business Credit Disposition of Assets
On October 15, 2026, the Company's Lyneer subsidiaries received notice that North Mill Capital LLC d/b/a SLR Business Credit ("SLR"), as senior secured lender for Lyneer Staffing Solutions, LLC., intends to conduct a sale of substantially all assets owned by Lyneer Staffing Solutions, LLC under Article 9 of the Uniform Commercial Code in one or more private sales on or after October 27, 2026. The Company disputes the validity of this notice and has responded appropriately.
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