INSEEGO CORP. (NASDAQ:INSG) Files An 8-K Entry into a Material Definitive Agreement

On March 20, 2017, Inseego Corp. (the “Company”) entered into a Twelfth Amendment to Credit and Security Agreement (the “Amendment”) with Novatel Wireless, Inc. (“Novatel Wireless”), Enfora, Inc. (“Enfora”), Feeney Wireless, LLC (“FW” and, together with Novatel Wireless and Enfora, the “Borrowers”), R.E.R. Enterprises, Inc., Feeney Wireless IC-DISC, Inc. and Wells Fargo Bank, National Association (the “Lender”), which amends that certain Credit and Security Agreement, dated as of October 31, 2014 (as amended, modified and supplemented from time to time, the “Credit Agreement”). With the Amendment, made at the request of the Borrowers, the Lender has made certain borrowing amounts and financial accommodations available to the Borrowers in order to enable draw-downs by the Borrowers from time to time. In exchange for amending and updating the financial covenants with respect to liquidity requirements and EBITDA targets, among other things, the Amendment also decreased the aggregate amount available under the revolving credit facility from $48.0 million to $10.0 million, and increased the applicable margin to 4.00% when interest is based on the daily three month LIBOR rate and 1.50% when interest is based on the prime rate.

Except as amended by the Amendment, the remainder of the Credit Agreement, including all other terms, conditions and financial and other covenants, remains in full force and effect.

The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, a copy of which will be filed as an Exhibit to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2017.

About INSEEGO CORP. (NASDAQ:INSG)
Inseego Corp, formerly Novatel Wireless, Inc., is a provider of software-as-a-service (SaaS) and solutions for the Internet of Things (IoT). The Company offers a range of products, including mobile hotspots, universal serial bus (USB) modems, embedded modules, integrated asset-management and mobile tracking machine-to-machine (M2M) devices, communications and applications software and cloud services. The Company sells its telematics solutions under the Ctrack brand, including its fleet management, asset tracking and monitoring, stolen vehicle recovery, and usage-based insurance platforms. It operates in the wireless communications industry in two product categories: M2M Products and Solutions, and Mobile Computing Solutions. It sells business connectivity solutions and device management services through its subsidiaries. Its products operate on cellular wireless technology platform. It serves over 590,000 global subscribers, including 182,000 fleet management subscribers. INSEEGO CORP. (NASDAQ:INSG) Recent Trading Information
INSEEGO CORP. (NASDAQ:INSG) closed its last trading session up +0.01 at 2.16 with 156,722 shares trading hands.