iCAD, INC. (NASDAQ:ICAD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On March22, 2018, iCAD, Inc. (the “Company”) executed a First Loan Modification Agreement (the “Amendment”) to its August7, 2017 Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”). The Amendment, among other things, (i)modified the minimum six-month trailing net revenue covenants for each fiscal quarter in 2018 so that they are based on minimum revenues from the Company’s detection business, (ii)added a covenant to the Loan Agreement requiring the Company to maintain a minimum level of six-month trailing Adjusted EBITDA for each fiscal quarter in 2018, (iii) increased the final payment fee from 7% to 8% of the original principal amount of the loans advanced under the Loan Agreement, (iv)extended the date to draw the second advance under the Loan Agreement from July30, 2018 to June30, 2019, (v) modified the second advance revenue milestone and (vi)extended the maturity date of the second advance loan from August7, 2021 to March1, 2022.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is attached hereto as Exhibit 10.1 and is incorporated by reference.
| Item 1.01 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
The disclosure in Item 1.01 is incorporated by reference herein.
| Item 1.01 | Financial Statements and Exhibits |
(d) Exhibits.
ICAD INC ExhibitEX-10.1 2 d555748dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 FIRST LOAN MODIFICATION AGREEMENT This First Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of March ,…To view the full exhibit click here
About iCAD, INC. (NASDAQ:ICAD)
iCAD, Inc. is a provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer. The Company provides image analysis and clinical decision support solutions for mammography, Magnetic Resonance Imaging and Computed Tomography imaging. It operates in two segments: Cancer Detection (Detection) and Cancer Therapy (Therapy). The Detection segment consists of its advanced image analysis and workflow products, and the Therapy segment consists of its radiation therapy products. The Company sells its products through its direct sales organization, as well as through various original equipment manufacturer partners, distributors and resellers. It develops and markets computer-aided detection (CAD) solutions for digital and film-based mammography systems. Its Axxent SPX Controller includes an optimized skin treatment arm customized for compatibility in confined patient treatment rooms in physician office-based facilities.
