NETLIST, INC. (NASDAQ:NLST) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On January 29, 2020, Netlist, Inc. (the “Company”) and TR Global Funding V, LLC (“TRGP”) entered into a First Amendment to the Investment Agreement (the “Amendment”), with an effective date of January 23, 2020. The Amendment updates certain provisions of the Investment Agreement between the Company and TRGP dated May 3, 2017 (the “Original Agreement”). Under the Original Agreement, TRGP directly funded costs incurred by the Company in connection with certain legal proceedings against SK hynix. Under the Amendment, the parties have agreed to modify the recovery sharing formula related to claims against SK hynix for alleged infringement of Netlist patents. All other terms of the Original Agreement remain unchanged.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated in this Item 2.03 by reference.
About NETLIST, INC. (NASDAQ:NLST)
Netlist, Inc. designs, manufactures and sells a range of memory subsystems for datacenter, data storage and computing markets. The Company operates in the segment of design and manufacture of memory subsystems for the server, computing and communications markets. The Company’s memory subsystems consist of combinations of dynamic random access memory integrated circuits (DRAM ICs or DRAM), NAND flash memory (NAND flash), application-specific integrated circuits (ASICs) and other components assembled on printed circuit boards (PCBs). The Company primarily markets and sells its products to original equipment manufacturer (OEM) customers, hyper scale datacenter operators and data storage vendors. The Company’s products include NVvault, HyperCloud, and specialty memory modules and flash-based products. NVvault is a memory subsystem that incorporates both DRAM and NAND flash in a single persistent dual-in line memory module (DIMM) solution.