Digerati enters Fourth Amendment with Post Road, consents to SPAC merger and bridge loans

Digerati Technologies, Inc.

Post Road consents to Digerati's merger with SPAC MEOA, contingent on bridge loan repayment at closing.
Amendment allows up to $3M in convertible bridge loans to fund working capital and merger expenses.
Post Road waives existing defaults only if Merger closes by February 28, 2023.
Six financial covenants revised; only minimum liquidity tested for Q ended Jan 31, 2023.
Mandatory prepayment requires 50% of bridge loan payments to repay Post Road notes.

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

Digerati Technologies, Inc. amended Credit Agreement with Post Road Administrative LLC and its affiliate Post Road Special Opportunity Fund II LLP (effective 2023-02-03).

Action: amendment
Agreement: credit facility
Counterparty: Post Road Administrative LLC and its affiliate Post Road Special Opportunity Fund II LLP
Effective: 2023-02-03

Exact text from the filing

On February 3, 2023, the Company, the T3 Nevada Parties, and Post Road entered into a Consent, Limited Waiver and Fourth Amendment to Credit Agreement and Amendment to Notes (the “Fourth Amendment”).

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Digerati Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-009834

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