secwatch.observer — SEC 8-K summary
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Issuer:     Unique Logistics International, Inc. (—)
CIK:        0001281845
Form:       8-K
Filed at:   2024-03-15T23:59:59+00:00
Accession:  0001493152-24-010127
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1281845/000149315224010127/0001493152-24-010127-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1281845/000149315224010127/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-010127

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