secwatch.observer — SEC 8-K summary
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Issuer:     DAKTRONICS INC /SD/ (DAKT)
CIK:        0000915779
Form:       8-K
Filed at:   2022-12-13T23:59:59+00:00
Accession:  0000915779-22-000115
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Daktronics enters Sixth Amendment to Credit Agreement; adds new covenants and reporting requirements
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- Excludes income tax expense from valuation allowance from covenant calculations; adds monthly financial, AR/AP, inventory, and bi-weekly cash flow reporting.
- Restrictions on equity investments until going concern disclosure removed; dividends/repurchases require lender consent.
- $26.8M borrowings and $7.4M letters of credit outstanding under $35M facility with U.S. Bank.
- New covenants: no additional indebtedness or liens (except existing); must engage financial consultant at lender's request.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/915779/000091577922000115/0000915779-22-000115-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/915779/000091577922000115/dakt-20221209.htm
  HTML page:      https://secwatch.observer/filing/0000915779-22-000115

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