ZRCN receives default notice for EBITDA covenant breach under credit agreement

ZRCN Inc.

Received Notice of Default on September 17, 2025 from lender FGI Worldwide LLC for breaching minimum EBITDA covenant.
Default arose under forbearance agreement entered July 15, 2025; lender may accelerate debt or foreclose on assets.
Lender has not yet demanded payment or exercised remedies; company continues discussions but no assurance of resolution.
Credit Agreement dated May 31, 2024; EBITDA covenant was part of forbearance amendment.

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