other material
confidence high
sentiment negative
materiality 0.80
Fluent enters third waiver with lenders; maturity extended to Sep 2025, requires $10M capital raise by Mar 31
Fluent, Inc.
- Third waiver extends covenant breach forbearance to Apr 30, 2024; interest margin increased to 3% base / 4% SOFR.
- Maturity date extended from prior to Sep 30, 2025.
- Borrower must maintain $7.5M domestic unrestricted cash.
- By Mar 31, 2024, must deliver transaction commitments (equity/debt/asset sale) with net proceeds at least $10M.
- Company previously in breach of covenants; lenders waived rights through temporary waivers.