MiT lends $300K to Five Agency, gets 5% equity in SNDBX, and exclusive supply deal

MOVING iMAGE TECHNOLOGIES INC.

On April 25, 2023, MiT loaned $150K initially, with another $150K contingent on conditions, to The Five Agency to form SNDBX.
MiT receives 5% equity stake in SNDBX; loan carries 10% annual interest, principal due May 2026.
Second $150K loan requires exclusive supply agreement for >$3M in equipment systems by April 30, 2026.
MiT co-owns equipment patents with Five Agency; MiT becomes sole owner if patent rights transferred.

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

MOVING iMAGE TECHNOLOGIES INC. entered into Letter Agreement with The Five Agency, LLC valued at $300,000.00 (effective 2023-04-25).

Action: entry
Agreement: credit facility
Counterparty: The Five Agency, LLC
Value: $300,000.00
Effective: 2023-04-25

Exact text from the filing

On April 25, 2023, Moving iMage Technologies, Inc. (the “Company” or “MiT”) entered into a Letter Agreement, subject to definitive agreements, with The Five Agency, LLC (“The Five Agency”).

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MOVING iMAGE TECHNOLOGIES INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-054379

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