High Wire Networks amends factoring agreement, adds subsidiaries, increases credit limit to $9M

HIGH WIRE NETWORKS, INC.

Amendment adds HWN, Inc. and Secure Voice Corp. as sellers under factoring agreement with Bay View Funding.
Maximum borrowings increased to $9,000,000 outstanding at any time.
Advance rate of 90% of face value of assigned accounts receivable.
Factoring fee 0.45% for first 30 days, then 0.25% per 15 days; finance fee Prime + 1.75% with 9.25% floor.
Initial term through February 28, 2024.

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

HIGH WIRE NETWORKS, INC. amended Amendment with CSNK Working Capital Corp. d/b/a Bay View Funding valued at $9,000,000 (effective 2023-02-22).

Action: amendment
Counterparty: CSNK Working Capital Corp. d/b/a Bay View Funding
Value: $9,000,000
Effective: 2023-02-22

Exact text from the filing

Effective as of February 22, 2023, ADEX Corporation (“ADEX”), a wholly-owned subsidiary of High Wire Networks, Inc. (the “Company”) entered into an amendment (the “Amendment”) to that certain factoring agreement, dated as of February 20, 2020 (the “Factoring Agreement”), by and between ADEX and CSNK Working Capital Corp. d/b/a Bay View Funding (“BVF”), pursuant to which ADEX agreed to sell and assign and BVF agreed to buy and accept, certain accounts receivable owing to ADEX (“Accounts”).

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Source: SEC EDGAR

accession 0001213900-23-015579

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