secwatch.observer — SEC 8-K summary
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Issuer:     PRECISION OPTICS CORPORATION, INC. (POCI)
CIK:        0000867840
Form:       8-K
Filed at:   2025-02-20T23:59:59+00:00
Accession:  0001683168-25-001132
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Precision Optics raises $5.1M in registered direct offering at $4.00/share; lender waives covenant default
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- Sold 1,272,500 shares at $4.00 each; gross proceeds ~$5.1M, expected net ~$5.0M.
- Proceeds to repay ~$1.15M line of credit, expand facilities, and for working capital.
- Main Street Bank waived anticipated covenant default for Jun 30, 2025 for $30,000 fee and equity raise ≥$4.5M by Feb 24.
- Line of credit to be paid to $0 from raise; future advances contingent on minimum 1.20x DSCR.
- Offering led by existing shareholders; closing expected Feb 21, 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/867840/000168316825001132/0001683168-25-001132-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/867840/000168316825001132/poci_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-25-001132

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer