---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-010127"
form_type: "8-K"
ticker: null
cik: "0001281845"
company_name: "Unique Logistics International, Inc."
filed_at: "2024-03-15T23:59:59+00:00"
generated_at: "2026-06-04T16:45:47.689308+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Unique Logistics secures waiver of debt defaults; pays $3M fee, issues warrants at $0.01/sh

## Summary
- Waived FCCR, liquidity, and EBITDA leverage defaults through fiscal Q2 ending August 31, 2024.
- Paid non-refundable $3,000,000 waiver fee to the administrative agent.
- Issued warrants for common stock at $0.01 exercise price; shares = greater of 7% of enterprise value or $7,000,000.
- Amendment and waiver effective March 1, 2024, with lenders' consent.
- Company in default on three financial covenants; interest at post-default rate waived through effective date.

## SEC filing metadata
- accession: 0001493152-24-010127
- form_type: 8-K
- cik: 0001281845
- company_name: Unique Logistics International, Inc.
- filed_at: 2024-03-15T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1281845/000149315224010127/0001493152-24-010127-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1281845/000149315224010127/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-010127
- JSON: https://secwatch.observer/filing/0001493152-24-010127.json
- Plain text: https://secwatch.observer/filing/0001493152-24-010127.txt

## Key facts
- Debt Financings
  Unique Logistics International, Inc. amended credit facility of $4,210,526.32 (initial senior secured term loan) and an aggregate principal amount of up to $14,789,473.68 (delayed draw with CB Agent Services LLC, as origination agent, and Alter Domus (US) LLC, as collateral agent and administrative agent.
  - Instrument: credit facility
  - Principal: $4,210,526.32 (initial senior secured term loan) and an aggregate principal amount of up to $14,789,473.68 (delayed draw
  - Counterparty: CB Agent Services LLC, as origination agent, and Alter Domus (US) LLC, as collateral agent and administrative agent
  - Event: amendment
  source text: administrative agent (“Alter Domus”, and together with CB Agents, the “Agents”)(collectively, the “ Parties ”), for an initial senior secured term loan in a principal amount of $4,210,526.32 and a delayed draft term loan in an aggregate principal amount of up to $14,789,473.68. Capitalized terms used but not otherwise defined herein have the same definitions given to
  evidence_url: https://www.sec.gov/Archives/edgar/data/1281845/000149315224010127/0001493152-24-010127-index.htm
- Material Agreements
  Unique Logistics International, Inc. amended Waiver and Amendment No. 2 to Financing Agreement with CB Agent Services LLC, Alter Domus (US) LLC, and the Lenders valued at Waiver fee of $3,000,000 and warrants to purchase common stock (effective 2024-03-01).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: CB Agent Services LLC, Alter Domus (US) LLC, and the Lenders
  - Value: Waiver fee of $3,000,000 and warrants to purchase common stock
  - Effective: 2024-03-01
  source text: Effective March 1, 2024, the Parties entered into a waiver and amendment no. 2 to financing agreement (the “ Second Waiver ”), whereby the Agents and the Lenders agreed to waive (i) (a) that certain Event of Default that has occurred or may occur, due to the Loan Parties’ noncompliance with Section 7.03(a) of the Agreement for each of the fiscal quarters in the fiscal year ending May 31, 2024 and for the fiscal quarter ending August 31, 2024 (the “FCCR Event of Default”), (b) that certain Event of Default that has occurred or may occur, due to the Loan Parties’ noncompliance with Section 7.03(b) of the Agreement for each of the fiscal quarters in the fiscal year ending May 31, 2024 and for the fiscal quarter ending August 31, 2024 (the “Liquidity Event of Default”) and (c) that certain Event of Default that has occurred or may occur, due to the Loan Parties’ noncompliance with Section 7.03(c) of the Agreement for each of the fiscal quarters in the fiscal year ending May 31, 2024 and fo
  evidence_url: https://www.sec.gov/Archives/edgar/data/1281845/000149315224010127/0001493152-24-010127-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.