Flux Power Holdings, Inc. (FLUX): debt financing — Flux Power extends SVB loan maturity to May 2023, eases EBITDA covenants

Flux Power Holdings, Inc.

Maturity date extended from Nov 7, 2022 to May 7, 2023 under Third Amendment to Loan Agreement.
EBITDA covenant relaxed: trailing 6-month loss not to exceed $4.5M (Oct 2022) improving to $750K (May 2023).
Permitted Liens amended to allow up to $500K in equipment financing from Alliance Funding Group.
Company paid $12,500 non-refundable amendment fee plus SVB legal fees.

item 1.01 item 2.03 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

Flux Power Holdings, Inc. amended credit facility with Silicon Valley Bank maturing May 7, 2023.

Instrument: credit facility
Counterparty: Silicon Valley Bank
Maturity: May 7, 2023
Event: amendment

Exact text from the filing

“Third Amendment”) with Silicon Valley Bank (“SVB”), which amended certain terms of the Loan and Security Agreement

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

Flux Power Holdings, Inc. amended Third Amendment to Loan and Security Agreement with Silicon Valley Bank (effective 2022-11-07).

Action: amendment
Agreement: credit facility
Counterparty: Silicon Valley Bank
Effective: 2022-11-07

Exact text from the filing

On November 7, 2022, Flux Power, Inc. (“Flux”), a wholly-owned subsidiary of Flux Power Holdings, Inc. (the “Registrant” and together with Flux, the “Company”), and the Registrant entered into a Third Amendment to Loan and Security Agreement (“Third Amendment”) with Silicon Valley Bank (“SVB”), which amended certain terms of the Loan and Security Agreement dated November 9, 2020, as amended on October 29, 2021, and as further amended on June 23, 2022 (together with the Third Amendment, the “Agreement”), including but not limited to, (i) extending the maturity date from November 7, 2022 to May 7, 2023 (the “Extension Period”), (ii) amending the financial covenants of the Company to cover the Extension Period, and (iii) amending the definition of Permitted Liens (as defined in the Third Amendment).

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10 debt financings filed in the last 30 days. Browse all debt financings →

Flux Power Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-031333

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