Flux Power ups SVB credit line to $14M; removes liquidity ratio covenant

Flux Power Holdings, Inc.

Increased revolving credit line with SVB from $8M to $14M, net $6M increase.
Removed liquidity ratio financial covenant, amended borrowing base to include Net Orderly Liquidation Value.
Proceeds to fund inventory and receivables for increased customer demand and fiscal 2023 growth goals.
Paid SVB a $10,000 non-refundable amendment fee plus legal expenses.

Key facts

Extracted from this filing and checked against the source text.

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

Flux Power Holdings, Inc. amended Fourth Amendment to Loan and Security Agreement with Silicon Valley Bank valued at $14.0 million (effective 2023-01-10).

Action: amendment
Agreement: credit facility
Counterparty: Silicon Valley Bank
Value: $14.0 million
Effective: 2023-01-10

Exact text from the filing

On January 10, 2023, 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 Fourth Amendment to Loan and Security Agreement (the “Fourth 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, as further amended on June 23, 2022, and as further amended on November 7, 2022 (together with the Fourth Amendment, the “Agreement”), including but not limited to, (i) increasing the amount of the revolving line of credit from $8.0 million to $14.0 million

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Flux Power Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-001352

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