---
schema_version: "secwatch.filing_event.v1"
accession: "0000915779-23-000026"
form_type: "8-K"
ticker: "DAKT"
cik: "0000915779"
company_name: "DAKTRONICS INC /SD/"
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T05:34:52.446265+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Daktronics secures $100M in capital: $75M JPMorgan facility + $25M convertible note from Alta Fox

## Summary
- Closed $75M senior secured credit facility with JPMorgan Chase (matures May 2026): $60M revolver and $15M delayed-draw term loan secured by real estate.
- Issued $25M convertible notes to major shareholder Alta Fox at 9% interest, due May 2027, convertible at $6.31 per share.
- New facility replaces prior $35M U.S. Bank credit line; all obligations repaid without drawing on JPMorgan facility.
- Interest on revolver at SOFR+2.5%-3.5%; term loan at SOFR+3.5%-4.5%; fixed charge coverage ratio of 1.1:1.0 required.
- Alta Fox's standstill agreement extended to after 2024 annual meeting; Company can force conversion after 18 months if stock hits 150% of conversion price.

## SEC filing metadata
- accession: 0000915779-23-000026
- form_type: 8-K
- ticker: DAKT
- cik: 0000915779
- company_name: DAKTRONICS INC /SD/
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/915779/000091577923000026/0000915779-23-000026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/915779/000091577923000026/dakt-20230511.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000915779-23-000026
- JSON: https://secwatch.observer/filing/0000915779-23-000026.json
- Plain text: https://secwatch.observer/filing/0000915779-23-000026.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.