SemiLEDs converts ~$1.6M debt to equity, addresses Nasdaq delisting threat

SemiLEDs Corp

Converted $1,608,848 in notes principal and accrued interest into 1,228,128 shares at $1.31/share.
Issued 305,343 shares at $1.31/share to repay $400,000 of loan to Simplot Taiwan Inc.
Extended loan agreement maturity to Jan 15, 2025 for Trung Doan and Simplot Taiwan Inc.
Company believes it regained compliance with Nasdaq's $2.5M stockholders' equity requirement.

item 1.01 item 3.01 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

SemiLEDs Corp amended Fourth Amendment to the Notes with J.R. Simplot Company and Trung Doan (effective 2024-01-05).

Action: amendment
Agreement: notes offering
Counterparty: J.R. Simplot Company and Trung Doan
Effective: 2024-01-05

Exact text from the filing

After the close of market on January 5, 2024, the Company entered into the Fourth Amendment to the Notes (the “Fourth Amendments”) to amend the Notes to (i) convert the total principal and accrued interest on the Notes to common stock of the Company to be issued in the names of the Holders, and (ii) change the conversion price of the Notes from $2.046 per share to the closing price immediately preceding the signing of the Fourth Amendments, or $1.31 per share.

View on SEC.gov

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

SemiLEDs Corp amended Fourth Amendment to the Loan Agreements with Simplot Taiwan Inc. and Trung Doan (effective 2024-01-07).

Action: amendment
Agreement: credit facility
Counterparty: Simplot Taiwan Inc. and Trung Doan
Effective: 2024-01-07

Exact text from the filing

On January 7, 2024, the Company entered into the Fourth Amendment to the Loan Agreements with each of Simplot Taiwan Inc. and Trung Doan (the “Amended Loan Agreements”).

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

SemiLEDs Corp entered into Assignment with J.R. Simplot Company (effective 2024-01-07).

Action: entry
Agreement: credit facility
Counterparty: J.R. Simplot Company
Effective: 2024-01-07

Exact text from the filing

On January 7, 2024, J.R. Simplot Company and the Company entered into an assignment agreement (the “Assignment”) pursuant to which J.R. Simplot assigned and transferred all of its right, title and interest in and to the Loan Agreement to Simplot Taiwan Inc., in accordance with and subject to the terms and conditions of the Loan Agreement.

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SemiLEDs Corp filing history →

Source: SEC EDGAR

accession 0000950170-24-003182

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