secwatch.observer — SEC 8-K summary
======================================

Issuer:     EverQuote, Inc. (EVER)
CIK:        0001640428
Form:       8-K
Filed at:   2023-08-07T23:59:59+00:00
Accession:  0001193125-23-204965
Event type: m_and_a
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.01, 2.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

EverQuote sells health insurance unit for $13.2M; credit facility amended with tighter terms
--------------------------------------------------------------------------------

- Sold Eversurance LLC health insurance vertical to MyPlanAdvocate for $13.2M cash, closed Aug 1, 2023.
- Amended credit facility: revolver cut from $35M to $25M, interest rate floor raised from 4.25% to 7.00%.
- New covenant: Adjusted Quick Ratio min 1.10:1; sweep trigger at <1.30:1 allows lender to apply cash receipts.
- Eliminated term loan availability and replaced financial covenants with Adjusted Quick Ratio.
- Three-year non-compete on direct-to-consumer health/Medicare agency sales for EverQuote.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/0001193125-23-204965-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/d542443d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-204965

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