SDPI amends Tronco loan: first payment deferred to Sep 30, 2024; merger-triggered acceleration remains

Superior Drilling Products, Inc.

Principal unchanged at $6,567,331; interest rate 2.8% per annum; annual $750k payments through 2033.
First payment deferred from March 31, 2024 to September 30, 2024.
If DTI merger closes, all accrued interest becomes due on closing date; principal terms otherwise unchanged.
Acceleration triggers: if SDPI stock ≥$3/share for 10-day average, 50% of balance due; ≥$4/share, full balance due.
Loan guaranteed by CEO G. Troy Meier and COO Annette Meier individually and as trustees.

Key facts

Extracted from this filing and checked against the source text.

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

Superior Drilling Products, Inc. amended Fifth Amended and Restated Loan Agreement with Tronco Energy Corporation (effective 2024-03-31).

Action: amendment
Agreement: credit facility
Counterparty: Tronco Energy Corporation
Effective: 2024-03-31

Exact text from the filing

Effective March 31, 2024, Superior Drilling Products, Inc. (the “Company”) entered into the Fifth Amended and Restated Loan Agreement (the “Loan Agreement”) and the Fifth Amended and Restated Promissory Note (the “Note”) with Tronco Energy Corporation (“Tronco”).

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Source: SEC EDGAR

accession 0001493152-24-012540

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