Flux Power Holdings, Inc. (FLUX): debt financing — Flux Power secures $2M subordinated credit facility with Cleveland Capital; terminates prior $4M facility

Flux Power Holdings, Inc.

New $2M subordinated line from Cleveland Capital, matures Aug 15, 2025; interest at SOFR+9%.
Issued warrants to purchase 41,196 shares at $3.24/share, exercisable for 5 years.
Prior $4M subordinated LOC with Cleveland terminated with no outstanding draws.
Also disclosed: $15M secured facility with Gibraltar (July 28, 2023), no warrants, expandable to $20M.
ATM offering terminated Oct 5, 2023; new S-3 shelf registration filed.

item 1.01 item 1.02 item 2.03 item 3.02 item 7.01 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. incurred credit facility of up to $2,000,000 with Cleveland Capital, L.P. at Secured Overnight Financing Rate plus nine percent (9%) per annum maturing August 15, 2025.

Instrument: credit facility
Principal: up to $2,000,000
Counterparty: Cleveland Capital, L.P.
Rate: Secured Overnight Financing Rate plus nine percent (9%) per annum
Maturity: August 15, 2025
Event: incurrence

Exact text from the filing

On November 2, 2023, Flux Power Holdings, Inc. (the “Company”) entered into a Credit Facility Agreement (the “Credit Facility”) with Cleveland Capital, L.P., a Delaware limited partnership (the “Lender”). The Credit Facility provides the Company with a line of credit of up to $2,000,000 for working capital purposes (“LOC”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Flux Power Holdings, Inc. incurred loan of $2,000,000 with Cleveland Capital, L.P. at Secured Overnight Financing Rate plus nine percent (9%) per annum maturing August 15, 2025.

Instrument: loan
Principal: $2,000,000
Counterparty: Cleveland Capital, L.P.
Rate: Secured Overnight Financing Rate plus nine percent (9%) per annum
Maturity: August 15, 2025
Event: incurrence

Exact text from the filing

In connection with the LOC, the Company issued a subordinated unsecured promissory note for $2,000,000 (the “Commitment Amount”) in favor of the Lender (the “Note”).

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

Flux Power Holdings, Inc. terminated 2022 LOC with Cleveland, Herndon Plant Oakley, Ltd., and other lenders valued at up to $4 million in commitment amount (effective 2023-11-02).

Action: termination
Agreement: credit facility
Counterparty: Cleveland, Herndon Plant Oakley, Ltd., and other lenders
Value: up to $4 million in commitment amount
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, the Credit Facility Agreement dated May 11, 2022 (the “Subordinated LOC”) with Cleveland, Herndon Plant Oakley, Ltd., and other lenders (collectively, the “Lenders”) for a line of credit for up to $4 million in commitment amount (the “2022 LOC”) was terminated.

View on SEC.gov

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

Flux Power Holdings, Inc. entered into Credit Facility with Cleveland Capital, L.P. valued at $2,000,000 (effective 2023-11-02).

Action: entry
Agreement: credit facility
Counterparty: Cleveland Capital, L.P.
Value: $2,000,000
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, Flux Power Holdings, Inc. (the “Company”) entered into a Credit Facility Agreement (the “Credit Facility”) with Cleveland Capital, L.P., a Delaware limited partnership (the “Lender”).

View on SEC.gov

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

Flux Power Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-039226

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