LIGHTPATH TECHNOLOGIES, INC. (NASDAQ:LPTH) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On December 20, 2017, LightPath Technologies, Inc. (the “Company”) entered into a First Amendment to Second Amended and Restated Loan and Security Agreement (the “Amendment”) relating to its previously disclosed acquisition term loan (the “Loan”) and working capital revolving line of credit (the “Revolving Line”) to that certain Second Amended and Restated Loan and Security Agreement, dated December 21, 2016 (the “LSA”), with Avidbank (the “Lender”). The description of the LSA, Loan, and Revolving Line set forth under Items 1.01, 2.01, and 2.03 in the Company’s Current Report on Form 8-K dated December 21, 2016 is incorporated by reference herein.
The Amendment amends the maturity date of the Revolving Line from December 21, 2017 to March 21, 2018, amends the definition of “Permitted Indebtedness” to increase the maximum amount of indebtedness secured by permitted liens from $600,000 to $800,000 in the aggregate, and amends Section 6.8(b) of the LSA to permit the Company to maintain accounts with foreign financial institutions as long as the aggregate amount maintained in all such accounts does not exceed $1,000,000 at any time on and after March 31, 2018. Additionally, to the Amendment, the Lender granted the Company a waiver of a default arising prior to the Amendment from the Company’s failure to comply with Section 6.8(b) of the LSA with respect to the aggregate amount maintained in accounts with foreign financial institutions in Latvia exceeding the then applicable limit of $500,000. Based on the waiver and above-described amendment to Section 6.8(b) of the LSA, the Company is no longer in default of the Loan or Revolving Line.
The foregoing descriptions of the Amendment are summaries only, and are qualified in their entirety by reference to the complete text of the Amendment attached hereto as Exhibit 10.1.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF REGISTRANT.
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
LIGHTPATH TECHNOLOGIES INC ExhibitEX-10.1 2 ex10-1.htm FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT LightPath Technologies,…To view the full exhibit click here
About LIGHTPATH TECHNOLOGIES, INC. (NASDAQ:LPTH)
LightPath Technologies, Inc. is a manufacturer and integrator of families of precision molded aspheric optics, fiber-optic collimator, GRADIUM glass lenses and other optical materials used to produce products that manipulate light. The Company designs, develops, manufactures and distributes optical components and assemblies utilizing the optical processes and manufacturing technologies. The Company also performs research and development for optical solutions for the traditional optics markets and communications markets. The Company’s products are incorporated into a range of applications by its customers in various industries, including defense products, medical devices, laser aided industrial tools, automotive safety applications, barcode scanners, optical data storage, hybrid fiber coax datacom, telecommunications, machine vision and sensors.
