Guerrilla RF, Inc. (GUER): debt financing — Guerrilla RF draws $1.75M new debt at 14% PIK; management takes 20% pay cut; secures first SATCOM PO

Guerrilla RF, Inc.

Amended loan with Salem: $4M additional available, $1.75M drawn at 14% PIK, 660k shares issued as partial consideration.
Entire management team (CEO, CFO, COO, CBO) voluntarily reduce salaries by 20% effective Sept 4, 2023.
First production PO from Tier 1 SATCOM company for $360K; expects 2024 SATCOM gross revenue to exceed $1M.
Expects H2 2023 gross revenue to exceed $7M (H1 2023 revenue) due to SATCOM order and design wins.
Inventory levels normalized; no material excess inventory, unlike other industry providers.

item 1.01 item 2.03 item 3.02 item 5.02 item 8.01 item 9.01

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

Guerrilla RF, Inc. incurred credit facility of up to $4.0 million with Salem Investment Partners V, Limited Partnership at 14.0% per annum maturing April 30, 2024.

Instrument: credit facility
Principal: up to $4.0 million
Counterparty: Salem Investment Partners V, Limited Partnership
Rate: 14.0% per annum
Maturity: April 30, 2024
Event: incurrence

Exact text from the filing

an amended and restated loan agreement (the “Agreement”) with Salem Investment Partners V, Limited Partnership (“Salem”) in order to provide for additional advances of up to $4.0 million (the “Additional Advances”) to be made under the existing loan facility. On September 6, 2023, the Company drew down $1.75 million of the Additional Advances, leaving up to

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Guerrilla RF, Inc. amended Agreement with Salem Investment Partners V, Limited Partnership valued at up to $4.0 million (effective 2023-09-05).

Action: amendment
Agreement: credit facility
Counterparty: Salem Investment Partners V, Limited Partnership
Value: up to $4.0 million
Effective: 2023-09-05

Exact text from the filing

On September 5, 2023, Guerrilla RF, Inc. (the "Company") entered into an amended and restated loan agreement (the "Agreement") with Salem Investment Partners V, Limited Partnership ("Salem") in order to provide for additional advances of up to $4.0 million

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Guerrilla RF, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-025392

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