Item 2.04. Triggering Events that Accelerate or Increase a Direct Financial Obligation.

On November 17, 2012, Accentia Biopharmaceuticals, Inc. (the "Company") failed to pay an aggregate of $14.1 million in principal amount that became due on such date under a class of non-interest bearing convertible debentures issued in November 2010. As a result of this default, a default rate of 18% will begin accruing under the debentures, and the holders of such debentures further have the right to an additional default payment equal to 30% of the outstanding balance due. As of the date of this Form 8-K, none of the holders of the debentures have taken any action to secure a judgment against the Company.

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