ATRM Holdings, Inc. (OTCMKTS:ATRM) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On October 1, 2018, ATRM Holdings, Inc. (the “Company”) entered into an Eight Agreement of Amendment to Loan and Security Agreement (the “KBS Loan Amendment”) to amend the terms of the Loan and Security Agreement, dated as of February 23, 2016 (as amended, the “KBS Loan Agreement”), by and among the Company, KBS Builders, Inc., a wholly-owned subsidiary of the Company (“KBS”), and Gerber Finance Inc. (“Gerber Finance”), providing KBS with a credit facility based on a formula tied to certain eligible assets of KBS. The KBS Loan Amendment amended the KBS Loan Agreement to extend the availability of up to $600,000 of overadvances through no later than February 23, 2019 in order to provide KBS with additional working capital.
In connection with the KBS Loan Amendment, Jeffrey E. Eberwein, a director of the Company, executed a guaranty in favor of Gerber Finance unconditionally guaranteeing the $600,000 of KBS’s obligations under the KBS Loan Agreement arising from the $600,000 overadvance.
