Flux Power secures $15M credit facility from Gibraltar Business Capital, refinances SVB debt

Flux Power Holdings, Inc.

$15.0M revolving credit facility with Gibraltar Business Capital, matures July 28, 2025, with no warrants.
Interest rate at SOFR plus 5.50% per annum; includes a $112,500 non-refundable closing fee.
Facility used to repay $5.035M principal plus $74,598 interest to Silicon Valley Bank, terminating prior credit agreement.
Company can increase facility to $20M in $1M increments, subject to GBC approval.
Bank of America selected as new cash management and operational banking partner.

Key facts

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. entered into Loan and Security Agreement with Gibraltar Business Capital, LLC valued at up to $15,000,000 (effective 2023-07-28).

Action: entry
Agreement: credit facility
Counterparty: Gibraltar Business Capital, LLC
Value: up to $15,000,000
Effective: 2023-07-28

Exact text from the filing

On July 28, 2023, Flux Power Holdings, Inc. (the “Registrant”), Flux Power, Inc., a wholly-owned subsidiary of the Registrant (“Flux” and together with the Registrant, the “Company”), entered into a certain Loan and Security Agreement (the “Agreement”) with Gibraltar Business Capital, LLC, a Delaware limited liability company (“GBC”).

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

Flux Power Holdings, Inc. terminated Loan and Security Agreement with Silicon Valley Bank (effective 2023-07-28).

Action: termination
Agreement: credit facility
Counterparty: Silicon Valley Bank
Effective: 2023-07-28

Exact text from the filing

the Company terminated the Loan and Security Agreement, dated as of November 9, 2020, as amended, by and among SVB, Flux and the Registrant.

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39 material agreements filed in the last 30 days. Browse all material agreements →

Flux Power Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-026533

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