secwatch.observer — SEC 8-K summary
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Issuer:     SOCKET MOBILE, INC. (SCKT)
CIK:        0000944075
Form:       8-K
Filed at:   2023-01-27T23:59:59+00:00
Accession:  0000944075-23-000003
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Socket Mobile extends $2.5M credit facility, obtains waiver of Q3 2022 default
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/944075/000094407523000003/0000944075-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/944075/000094407523000003/form-8k0125.htm
  HTML page:      https://secwatch.observer/filing/0000944075-23-000003

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer