QuickLogic Corporation (NASDAQ:QUIK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
On December 21, 2018, QuickLogic Corporation (the “Company”) entered into an Amended and Restated Loan and Security Agreement (the “Amended and Restated Agreement”) with Heritage Bank of Commerce (the “Bank”) to replace in its entirety the Loan and Security Agreement entered on September 28, 2018. The Amended and Restated Agreement increases the revolving credit facility from $9,000,000 to $15,000,000 (the “Revolving Facility”). The maturity date for loans under the Revolving Facility is September 28, 2020. Loans under the Revolving Facility will bear interest at a rate equal to one half of one percentage point (0.50%) above the variable rate of interest, per annum, that appears in The Wall Street Journal from time to time, whether or not such announced rate is the lowest rate available from Bank.
The Amended and Restated Agreement eliminates the requirement of maintaining at all times Remaining Months Liquidity of nine months and replaces with simpler covenant of maintaining minimum cash of $3,000,000 in all other Company’s accounts in addition to equal amount of loan advance in the pledged account.
The foregoing description of the amended and restated Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which is attached as Exhibit 10.1 hereto.
Item 1.01 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 is incorporated by reference herein.
Section9Financial Statements and Exhibits
Item 1.01(d) Exhibits.
QUICKLOGIC CORPORATION Exhibit
EX-10.1 2 quik-ex101_7.htm EX-10.1 quik-ex101_7.htm EXHIBIT 10.1 Quicklogic Corporation HERITAGE BANK OF COMMERCE AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT This Amended And Restated Loan And Security Agreement (this “Agreement”) is entered into as of December 21,…
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About QuickLogic Corporation (NASDAQ:QUIK)
QuickLogic Corporation develops and markets semiconductor and software algorithm solutions. The Company’s solutions primarily target smartphones, wearable devices, tablets, and the Internet-of-Things (IoT). The Company is a fabless semiconductor provider of flexible sensor processing solutions, ultra-low power display bridges, and ultra-low power Field Programmable Gate Arrays (FPGAs). The Company’s solutions integrate multi-core processing, programmable logic, sensor fusion and context aware algorithms, and embedded software. The Company’s solutions are created from its new silicon platforms, including EOS, ArcticLink III, PolarPro 3, PolarPro II, PolarPro, and Eclipse II products, its mature products, which are produced on semiconductor processes over 180 nanometers, primarily include its pASIC 3 and QuickRAM, as well as royalty revenue, programming hardware and design software. Its sensor algorithm software includes SenseMe software library.