INNOVATIVE SOLUTIONS & SUPPORT INC (ISSC): M&A transaction — ISSC acquires Honeywell inertial, communication, navigation product lines for $36M cash

inertial, communication and navigation product lines to repair, overhaul, manufacture sell, import, export and distribute certain products to the Company for consideration of $36 million in cash. The Agreement contains representations, warranties and covenants of the parties customary for a transaction of this type. The foregoing description of the Agreement

On June 28, 2023, in connection with the transactions contemplated by the Agreement and the payment of the consideration contemplated therein, the Company and one of its subsidiaries entered into an Amendment to Loan Documents (the “ Loan Amendment ”) with PNC Bank, National Association (the “ PNC ”), which amends certain terms of that certain Loan Agreement entered into by the parties on May 11, 2023 (the “ Loan Agreement ” and, as amended, the “ Amended Loan Agreement ”) and (ii) a corresponding Term Note in favor of PNC (the “ Term Note ”), which together provide for a senior secured term loan in an aggregate principal amount of $20,000,000, with a maturity date of June 28, 2023 (the “ Term Loan ”).

On June 30, 2023, Innovative Solutions and Support, Inc. (the “ Company ”) entered into and closed the transactions contemplated by that certain Asset Purchase and License Agreement (the “ Agreement ”) with Honeywell International Inc. (“ Honeywell ”).