InfoSonics Corporation (NASDAQ:IFON) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On March 24, 2017, InfoSonics Corporation (the “Company”) entered
into the Eighth Amendment to Loan and Security Agreement with
Silicon Valley Bank (the Amendment).The Amendment modifies the
original Loan and Security Agreement that was dated as of March
27, 2014, as amended.The primary purpose of the Amendment was to
remove the Companys ability to borrow against accounts receivable
and limit borrowing to the $2,000,000 sublimit under the credit
facility which enables the Company to borrow U.S. dollars at a
70% advance rate against its Mexican Peso deposits with the Bank.
A copy of the Amendment is filed as Exhibit 10.22 to this Current
Report on Form 8-K and is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The disclosures required by this Item 2.03 are contained in Item
1.01 above, and are incorporated as if fully restated herein.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
|
Exhibit No. |
Description |
|
10.22 |
Seventh Amendment to Loan and Security Agreement dated as |
About InfoSonics Corporation (NASDAQ:IFON)
InfoSonics Corporation is a provider of wireless handsets (phones, cell phones, mobile phones, feature phones and smartphones), tablets and accessories to carriers and distributors in Latin America and the United States. The Company defines, sources and sells a line of products under the verykool brand. Its verykool products include a range of global system for mobile communication (GSM) feature phones and Android-based smartphones. The Company is the parent company of various subsidiaries engaged in the design, development, manufacturing, sale and distribution of the Company’s line of products. It also provides service and support in the countries where its branded products are sold. It provides wireless handsets and accessories to carriers, distributors and original equipment manufacturer (OEM) customers in Latin America, Asia Pacific, Europe, Africa and the United States. Its verykool products are sold in over 20 countries and approximately five continents around the world. InfoSonics Corporation (NASDAQ:IFON) Recent Trading Information
InfoSonics Corporation (NASDAQ:IFON) closed its last trading session up +0.012 at 0.550 with 388,898 shares trading hands.
