Distress Watchlist · Issue 2026-06-12

Today's Distress Watchlist

Curated triage of distress language in recent SEC 8-K filings. Real distress first; large healthy-issuer boilerplate flagged separately so it never wastes your time.

Window 2026-06-04 → 2026-06-11 Scanned 30 filings (EDGAR full-text search) Flagged 2 real-distress · 2 boilerplate

Real-distress candidates

Microcap / going-concern / punitive default terms. Each excerpt is verbatim and links to the source filing.

1. Vsee Health, Inc. (VSEE, VSEEW)
HIGH · score 12
Filed 2026-06-11 Form 8-K Risk category Control change / credit amendment · Debt default / covenant

Punitive default-rate step-up to 28% — a real distress tell, not boilerplate.

“…herein. (c) From and after the occurrence and during the continuance of any Event of Default, the Interest shall automatically be increased to the lower of (i) 28% per…”Debt default / covenant · verbatim from filing

“…Holder the Mandatory Default Amount, which Mandatory Default Amount shall be immediately due and payable to the Holder. If this Note shall be converted whenever an Event of Default…”Debt default / covenant · verbatim from filing

Plain English

VSee Health's note steps the interest rate up to 28% the moment an event of default occurs. Lenders only write punitive default-rate step-ups when they are pricing real repayment risk.

What to watch next

Watch for missed-payment disclosures, a going-concern note in the next 10-Q, or a debt restructuring 8-K.

Confidence

High — explicit punitive default economics.

View SEC filing →
2. Vireo Growth Inc. (VREOD, VREOF)
HIGH · score 12
Filed 2026-06-11 Form 8-K Risk category Control change / credit amendment · Debt default / covenant · Liquidity / going concern

Substantial-doubt going-concern language plus lender rate-bump on default.

“…of having it capitalized. Upon the occurrence and during the continuance of an event of default, the lender may, at its option, increase the interest rate by 5 percentage…”Debt default / covenant · verbatim from filing

“…there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year…”Liquidity / going concern · verbatim from filing

Plain English

Vireo Growth carries explicit substantial-doubt going-concern language plus a lender rate-bump on default. Cannabis-sector operator with both balance-sheet doubt and tightening credit terms.

What to watch next

Watch for covenant-waiver 8-Ks, additional secured financing, or auditor changes.

Confidence

High — going-concern is the issuer's own auditor language.

View SEC filing →

Flagged as likely boilerplate

Large or investment-grade issuers where "event of default" is routine indenture language, not distress. Shown for transparency.

1. Keycorp (KEY, KEY-PI, KEY-PJ, KEY-PK, KEY-PL)
Scored HIGH 10 · boilerplate

Investment-grade bank; "Event of Default / Covenant Breach" is standard note-indenture text, not a distress signal.

High that this is boilerplate — healthy large-cap issuer.

View SEC filing →
2. Prairie Operating Co. (PROP)
Scored MEDIUM 8 · boilerplate

Amendment representation "no Default ... shall have occurred" — routine credit-agreement language.

High that this is boilerplate — routine amendment rep.

View SEC filing →
Why this is curated by hand: the raw scorer's biggest weakness is large-cap indenture boilerplate inflating scores. Risk Radar separates genuine microcap distress from healthy-issuer debt mechanics so you don't read 30 filings to find the 6 that matter.

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