Digerati extends forbearance with Post Road through Nov 15, 2022 as defaults continue

Digerati Technologies, Inc.

Forbearance period extended to Nov 15, 2022, covering existing and anticipated defaults.
Defaults include failure to maintain Senior Leverage Ratio of 4.06:1 and Min Liquidity of $2.0M for July 31 quarter.
Outstanding principal as of Oct 3, 2022: Term Loan A $22.8M, Term Loan C $10.2M.
Loan Parties reaffirm no defenses, no offset, and grant continuing security interest in all collateral.
Anticipated defaults for Oct 31 quarter include similar covenant failures (Leverage <4.05:1, Liquidity <$2.0M).

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