secwatch.observer — SEC 8-K summary
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Issuer:     Digerati Technologies, Inc. (DTGI)
CIK:        0001014052
Form:       8-K
Filed at:   2024-02-08T23:59:59+00:00
Accession:  0001213900-24-011691
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Digerati extends Post Road forbearance to Nov 2024; secures $2M revolver
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- Third Forbearance Agreement extends Post Road loan maturity to Nov 17, 2024; forbearance on existing defaults.
- Principal balance owed to Post Road approx. $41.279M; amendment fee of 3% added to principal.
- New $2M revolving credit facility with Thermo Communications Funding; interest at prime+2.75% (floor 10.50%).
- Financial covenants reset: minimum liquidity $750k, fixed charge ratio 1.25x, max churn 3.0%; EBITDA/leverage covenants removed.
- Convertible note holders extend payments to Dec 31, 2024; warrants for 14M shares exchanged for 8.16M common shares.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1014052/000121390024011691/0001213900-24-011691-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1014052/000121390024011691/ea193153-8k_digerati.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-011691

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