INSEEGO CORP. (NASDAQ:INSG) Files An 8-K Entry into a Material Definitive Agreement
Credit Agreement Amendment
On March 9, 2020, Inseego Corp. (the Company) entered into an amendment (the Credit Agreement Amendment) to that certain Credit Agreement, dated August 23, 2017, as the same has been amended, supplemented or otherwise modified from time to time (the Credit Agreement), by and among the Company, certain subsidiaries of the Company party thereto, Cantor Fitzgerald Securities, as Agent, and certain lenders party thereto (the Lenders) to, among other things, amend certain financial covenants set forth therein and to permit the use of the Companys Series E Preferred Stock to make certain payments, including interest payments, due thereunder.
On March 10, 2020, the Company entered into a letter agreement (the Letter Agreement) with South Ocean Funding, LLC (South Ocean), the Lender holding the majority of the aggregate principal amount currently outstanding under the Credit Agreement, which provides: (i) that the Company and South Ocean will work together, in good faith, to reach an agreement to amend or refinance the Credit Agreement in order to extend the maturity of the Credit Agreement until a date after March 15, 2021; and (ii) should an agreement not be reached to amend or refinance the Credit Agreement prior to August 23, 2020, upon request of the Company, the maturity date of the Credit Agreement will be extended to no earlier than March 15, 2021, upon terms acceptable to South Ocean.
The foregoing descriptions of the Credit Agreement Amendment and Letter Agreement do not purport to be complete and are qualified in their entirety by reference to the copies of the Credit Agreement Amendment and Letter Agreement that are filed as exhibits to this Current Report on Form 8-K.
|10.1||Second Amendment to Credit Agreement dated March 9, 2020, by and among Inseego Corp. and certain of its direct and indirect subsidiaries, Cantor Fitzgerald Securities, as Agent, and the lenders party thereto.|
|10.2||Letter Agreement dated March 10, 2020, by and between Inseego Corp. and South Ocean Funding, LLC|