Orbital Infrastructure Group, Inc.: Nasdaq/NYSE listing notice — Orbital Infrastructure files Chapter 11; Nasdaq to delist stock on Sept 5

Orbital Infrastructure Group, Inc.

Company and subsidiaries filed voluntary Chapter 11 petitions on Aug 23, 2023; cases jointly administered.
Entered two DIP credit agreements totaling $15M at 10% interest, maturing Nov 30, 2023 or upon bankruptcy triggers.
Nasdaq sent delisting notice on Aug 24 due to bankruptcy; company will not appeal; trading suspended Sept 5.
Proceeds used for post-petition working capital, administration costs, and court-approved adequate protection.
Final approval of DIP financing sought at hearing expected on or about Sept 20, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Orbital Infrastructure Group, Inc. incurred credit facility of $15.0 million in the aggregate with Alter Domus (US) LLC, as administrative agent and collateral agent; Streeterville Capital, LLC at 10% per annum maturing earlier of November 30, 2023 or upon the occurrence of certain bankruptcy-related triggers.

Instrument: credit facility
Principal: $15.0 million in the aggregate
Counterparty: Alter Domus (US) LLC, as administrative agent and collateral agent; Streeterville Capital, LLC
Rate: 10% per annum
Maturity: earlier of November 30, 2023 or upon the occurrence of certain bankruptcy-related triggers
Event: incurrence

Exact text from the filing

each DIP Credit Agreement provides for a multiple advance term loan in an aggregate principal amount not to exceed $7.5 million, or $15.0 million in the aggregate under both DIP Credit Agreements

View on SEC.gov

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Orbital Infrastructure Group, Inc. received a nasdaq delisting notice notice regarding other (rules 5101, 5110(b), IM-5101-1).

Exchange: nasdaq
Notice: delisting notice
Rules: 5101, 5110(b), IM-5101-1

Exact text from the filing

August 24, 2023, the Company received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the Chapter 11 Cases served as an additional basis for delisting of the Company’s securities. The Company does not intend to appeal this determination. Trading of the Company’s common stock will be suspended at the opening of business on September 5, 2023, and Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission (the “SEC”), which will remov

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Orbital Infrastructure Group, Inc. entered into Superpriority Senior Secured Debtor-in-Possession Credit Agreement (FLP Credit Agreement) with Alter Domus (US) LLC, as administrative agent, and the FLP Lenders valued at aggregate principal amount not to exceed $7.5 million (effective 2023-08-28).

Action: entry
Agreement: credit facility
Counterparty: Alter Domus (US) LLC, as administrative agent, and the FLP Lenders
Value: aggregate principal amount not to exceed $7.5 million
Effective: 2023-08-28

Exact text from the filing

on August 28, 2023, the Company entered into: (i) that certain Superpriority Senior Secured Debtor-in-Possession Credit Agreement (the "FLP Credit Agreement") by and among the Company; its wholly owned subsidiaries, Front Line Power Construction, LLC ("Front Line") and Eclipse Foundation Group, Inc., as guarantors; the various lenders named therein (collectively, the "FLP Lenders"); and Alter Domus (US) LLC, as administrative agent and collateral agent

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Source: SEC EDGAR

accession 0001437749-23-024889

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