Hudson Technologies, Inc. (NASDAQ:HDSN) Files An 8-K Results of Operations and Financial Condition
See Item 5.02 below.
On July 29, 2020, the Board of Directors of Hudson Technologies, Inc. (the “Company”) authorized the termination, effective July 31, 2020, of Ryan A. Maupin, the Company’s Chief Restructuring Officer, due to the achievement of certain performance targets described below.
Mr. Maupin had been appointed as Chief Restructuring Officer in January 2020 in accordance with the terms of the Fourth Amendment to the Term Loan Credit and Security Agreement dated as of October 10, 2017, as amended, by and among Hudson Technologies Company, Hudson Holdings, Inc., Aspen Refrigerants, Inc. (collectively, the “Borrowers”), the Company, the other credit parties thereto (collectively, the “Credit Parties”), the financial institutions party thereto as lenders, and U.S. Bank National Association, as collateral and administrative agent for the lenders (the “Credit Agreement”).
to Section 6.17 of the Credit Agreement, the Credit Parties could elect to terminate the Chief Restructuring Officer upon notice to the lenders if, following the Chief Restructuring Officer’s retention, (i) the Borrowers’ LTM Adjusted EBITDA (as defined in the Credit Agreement) exceeds the greater of (x) 105% of the minimum LTM Adjusted EBITDA under the Credit Agreement and (y) $9.55 million (the greater of (x) or (y) being the “Required EBITDA Threshold”) for two consecutive quarterly reporting periods and (ii) no Default or Event of Default (each as defined in the Credit Agreement) has occurred and is continuing as of such date. The Company has reasonably determined that the Required EBITDA Threshold and other conditions to the Credit Agreement have been met and that the services of the Chief Restructuring Officer were no longer needed.
About Hudson Technologies, Inc. (NASDAQ:HDSN)
Hudson Technologies, Inc. is a refrigerant services company. The Company provides solutions to recurring problems within the refrigeration industry. Its products and services include refrigerant and industrial gas sales; refrigerant management services, which consist of reclamation of refrigerants, and RefrigerantSide services, which consist of system decontamination. Its refrigerant and industrial gas sales include selling of reclaimed and virgin (new) refrigerants to various customers in a range of segments of the air conditioning and refrigeration industry. It provides refrigerant management services, which also include laboratory testing through its laboratory, and banking services. It provides decontamination and recovery services that are performed at a customer’s site using its Zugibeast system under its RefrigerantSide services. The Company also participates in the generation of carbon offset projects as a component of its products and services.