STREAMLINE HEALTH SOLUTIONS INC.: debt financing — Streamline Health raises ~$4.5M, modifies credit facility, appoints two directors

STREAMLINE HEALTH SOLUTIONS INC.

Aggregate gross proceeds ~$4.5M: $4.4M notes bearing 15% interest (maturity 8/7/26) and $100K common stock; warrants for 4,052,631 shares at $0.38 strike.
Modified Western Alliance Bank credit facility: updated debt-to-EBITDA thresholds, removed minimum cash and max debt-to-ARR covenants, added quarterly adjusted EBITDA targets.
Appointed CEO Benjamin Stilwill and Matthew Etheridge to board effective Feb 7, 2024; board expanded to seven.
Company expects liquidity to enable adjusted EBITDA breakeven run rate of $15.5M installed SaaS ARR in H2 fiscal 2024.

item 1.01 item 2.03 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Matthew Etheridge

Director

STREAMLINE HEALTH SOLUTIONS INC.

Effective: 2024-02-07
Filed: February 7, 2024, 6:59 PM ET

appointed Benjamin L. Stilwill and Matthew Etheridge to serve as directors of the Company, effective as of the closing of the Debt Private Placement on February 7, 2024.

Appointed

Benjamin L. Stilwill

Director

STREAMLINE HEALTH SOLUTIONS INC.

Effective: 2024-02-07
Filed: February 7, 2024, 6:59 PM ET

appointed Benjamin L. Stilwill and Matthew Etheridge to serve as directors of the Company, effective as of the closing of the Debt Private Placement on February 7, 2024.

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

STREAMLINE HEALTH SOLUTIONS INC. amended credit facility with Western Alliance Bank.

Instrument: credit facility
Counterparty: Western Alliance Bank
Event: amendment

Exact text from the filing

On February 7, 2024, the Company and certain of its subsidiaries entered into a Third Modification and Waiver (the “Third Modification”) to Second Amended and Restated Loan and Security Agreement (the “Loan and Security Agreement”) with WAB.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Matthew Etheridge was appointed as Director at STREAMLINE HEALTH SOLUTIONS INC..

Action: appointed
Role: Director

Exact text from the filing

appointed Benjamin L. Stilwill and Matthew Etheridge to serve as directors of the Company, effective as of the closing of the Debt Private Placement on February 7, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Benjamin L. Stilwill was appointed as Director at STREAMLINE HEALTH SOLUTIONS INC..

Action: appointed
Role: Director

Exact text from the filing

appointed Benjamin L. Stilwill and Matthew Etheridge to serve as directors of the Company, effective as of the closing of the Debt Private Placement on February 7, 2024.

View on SEC.gov

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

STREAMLINE HEALTH SOLUTIONS INC. entered into Securities Purchase Agreement with certain accredited investors, including certain directors and officers of the Company (collectively, the "Investors") valued at aggregate principal amount of $4.4 million (effective 2024-02-01).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors, including certain directors and officers of the Company (collectively, the "Investors")
Value: aggregate principal amount of $4.4 million
Effective: 2024-02-01

Exact text from the filing

On February 1, 2024, Streamline Health Solutions, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors, including certain directors and officers of the Company (collectively, the “Investors”), pursuant to which the Company agreed to sell to the Investors unsecured subordinated promissory notes (the “Notes”) in the aggregate principal amount of $4.4 million and warrants

View on SEC.gov

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

Source: SEC EDGAR

accession 0001493152-24-005268

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