---
schema_version: "secwatch.filing_event.v1"
accession: "0001387131-22-008924"
form_type: "8-K"
ticker: "CVU"
cik: "0000889348"
company_name: "CPI AEROSTRUCTURES INC"
filed_at: "2022-08-19T23:59:59+00:00"
generated_at: "2026-06-23T22:40:55.544070+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# CPI Aerostructures amends credit agreement, obtains covenant waivers for losses on welded products and employee costs

## Summary
- Maximum leverage ratio for Q3 2022 raised to 5.0:1.0; Q4 2022 onward set at 4.0:1.0.
- Lenders waived covenant non-compliance for up to $566,024 in welded product contract losses and $367,045 in inventory reserves.
- Lenders waived non-compliance for up to $795,997 in accrued severance, COBRA costs and employer taxes.
- Late delivery of FY2021, Q1 2022 and Q2 2022 financial statements waived; extended deadlines through August–October 2022.
- Outstanding debt: $21.0M revolving loans, $2.63M term loan plus $250K amendment fee accruing interest.

## SEC filing metadata
- accession: 0001387131-22-008924
- form_type: 8-K
- ticker: CVU
- cik: 0000889348
- company_name: CPI AEROSTRUCTURES INC
- filed_at: 2022-08-19T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889348/000138713122008924/0001387131-22-008924-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889348/000138713122008924/cvua-8k_081922.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001387131-22-008924
- JSON: https://secwatch.observer/filing/0001387131-22-008924.json
- Plain text: https://secwatch.observer/filing/0001387131-22-008924.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.