OMNIQ Corp. (OMQS): debt financing — OMNIQ subsidiary signs $7.5M receivables factoring deal with Prestige Capital

OMNIQ Corp.

Quest Marketing sells receivables at 80% advance; max outstanding $7.5M.
Discount fee: 1.50% if paid within 30 days, plus 0.50% per 10-day period up to 90 days.
Full recourse on Seller; CEO Shai Lustgarten personally guarantees warranties.
Prestige gets security interest in Quest's accounts, inventory, and equipment.
Facility fee of 1% of max advance due at closing and renewal.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

OMNIQ Corp. incurred debt of $7,500,000 with Prestige Capital Finance, LLC at If paid within 30 days a discount fee of 1.50% plus an additional .50% for each.

Principal: $7,500,000
Counterparty: Prestige Capital Finance, LLC
Rate: If paid within 30 days a discount fee of 1.50% plus an additional .50% for each
Event: incurrence

Exact text from the filing

(“Quest”) with Prestige Capital Finance, LLC (“Prestige”), entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) in which Quest has sold, transferred and assigned all

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

OMNIQ Corp. entered into Purchase and Sale Agreement with Prestige Capital Finance, LLC valued at $7,500,000 (effective 2024-01-18).

Action: entry
Agreement: credit facility
Counterparty: Prestige Capital Finance, LLC
Value: $7,500,000
Effective: 2024-01-18

Exact text from the filing

On January 18, 2024, Omniq Corp’s (the “Company’) wholly owned subsidiary, Quest Marketing, Inc. (“Quest”) with Prestige Capital Finance, LLC (“Prestige”), entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”)

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

OMNIQ Corp. filing history →

Source: SEC EDGAR

accession 0001493152-24-003610

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