Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Flux Power Holdings, Inc. amended Fifth Amendment to Loan and Security Agreement with Silicon Valley Bank, a division of First Citizens Bank valued at Thirty Thousand Dollars ($30,000.00) (effective 2023-04-27).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Silicon Valley Bank, a division of First Citizens Bank
- Value
- Thirty Thousand Dollars ($30,000.00)
- Effective
- 2023-04-27
Exact text from the filing
On April 27, 2023, Flux Power Holdings, Inc. (the “Registrant”) and Flux Power, Inc., a wholly-owned subsidiary of the Registrant (“Flux”, and together with the Registrant, the “Company”), entered into a Fifth Amendment to Loan and Security Agreement (the “Fifth Amendment”) with Silicon Valley Bank, a division of First Citizens 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, as further amended on November 7, 2022, and as further amended on January 10, 2023 (together with the Fifth Amendment, the “Agreement”), including but not limited to, (i) extending the maturity date from May 7, 2023 to December 31, 2023 (the “Extension Period”), (ii) amending the EBITDA financial covenant of the Company to cover the Extension Period, and (iii) amending the definition of EBITDA (as defined in the Fifth Amendment).
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