SOCKET MOBILE, INC. (SCKT): debt financing — Socket Mobile extends $2.5M credit facility, obtains waiver of Q3 2022 default

SOCKET MOBILE, INC.

Financing modification with Western Alliance Bank extends $2.0M domestic and $0.5M EXIM revolver maturities to Jan 31, 2025.
Lender waived events of default from noncompliance with financial covenants in Q3 2022.
New quarterly adjusted EBITDA covenant of at least $100,000 starting with fiscal quarter ending Dec 31, 2022.
Facility includes customary covenants limiting liens, investments, debt, dividends, and acquisitions.
Default would allow lender to accelerate outstanding obligations; waiver avoids immediate acceleration.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SOCKET MOBILE, INC. amended revolving credit with Western Alliance Bank maturing January 31, 2025.

Instrument: revolving credit
Counterparty: Western Alliance Bank
Maturity: January 31, 2025
Event: amendment

Exact text from the filing

extends the maturity date of the Company’s $2.0 million domestic and $0.5 million EXIM revolving credit facilities to January 31, 2025

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SOCKET MOBILE, INC. amended Second Business Financing Modification Agreement and Waiver of Defaults with Western Alliance Bank valued at $2.0 million domestic and $0.5 million EXIM revolving credit facilities (effective 2023-01-25).

Action: amendment
Agreement: credit facility
Counterparty: Western Alliance Bank
Value: $2.0 million domestic and $0.5 million EXIM revolving credit facilities
Effective: 2023-01-25

Exact text from the filing

On January 25, 2023, Socket Mobile ("we" or the "Company") entered into the Second Business Financing Modification Agreement and Waiver of Defaults (the “Financing Agreement”) with Western Alliance Bank, an Arizona corporation (“Lender”), which among other things, extends the maturity date of the Company’s $2.0 million domestic and $0.5 million EXIM revolving credit facilities to January 31, 2025.

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SOCKET MOBILE, INC. filing history →

Source: SEC EDGAR

accession 0000944075-23-000003

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