Smith Micro Software, Inc. (NASDAQ:SMSI) Files An 8-K Entry into a Material Definitive Agreement

Smith Micro Software, Inc. (NASDAQ:SMSI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement.

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On June 30, 2017, Smith Micro Software, Inc. (the “Company”) entered into a new short-term secured borrowing arrangement with each of William W. Smith, Jr. and Dieva L. Smith (“Smith”) and Steven L. Elfman and Monique P. Elfman (“Elfman”), to refinance the existing short-term notes with each of them which matured on June 26, 2017 and June 23, 2017, respectively. William W. Smith, Jr. is Chairman and Chief Executive Officer of the Company, and Steven L. Elfman is a director of the Company.

Under the new borrowing arrangement, the Company issued to each of Smith and Elfman a Secured Promissory Note (each, a “Note”) with a principal balance of $1,000,000, bearing interest at the rate of 12% per annum, and maturing on September 25, 2017.The maturity date of the Note entered into with Smith may be extended by up to 180 days upon the mutual consent of the Company and Smith.Each of the Notes are secured by the Company’s accounts receivable and certain other assets.

The foregoing description of the Notes is qualified by reference to the complete text of the Notes, each of which is filed as an exhibit to this Current Report on Form 8-K.

Item 1.01.Creation of a Direct Financial Obligation of a Registrant

The information set forth in Item 1.01 is incorporated into this Item 1.01 by reference.

Item 1.01Financial Statement and Exhibits.

(d) Exhibits.

Exhibit No.

Description

10.1

Secured Promissory Note, dated June 30, 2017, issued by the Company to William W. Smith, Jr. and Dieva L. Smith

10.2

Secured Promissory Note, dated June 30, 2017, issued by the Company to Steven L. Elfman and Monique P. Elfman


SMITH MICRO SOFTWARE INC Exhibit
EX-10.1 2 smsi-ex101_6.htm EX-10.1 NP SMITH smsi-ex101_6.htm Exhibit 10.1 SMITH MICRO SOFTWARE,…
To view the full exhibit click here

About Smith Micro Software, Inc. (NASDAQ:SMSI)

Smith Micro Software, Inc. is a provider of software solutions. The Company operates through two segments: Wireless and Graphics. The Company offers multi-platform, modular solutions organized into three product families, including NetWise, CommSuite and QuickLink. For mobile network operators, NetWise helps reduce cellular congestion and optimize data traffic across third-generation (3G), fourth-generation (4G) and wireless fidelity (Wi-Fi) networks. Graphics segment includes its consumer-based products, such as Poser, Anime Studio, Manga Studio, MotionArtist and StuffIt. The Graphics segment develops a range of software, including graphic design and animation, compression and personal computer (PC)/Mac utilities, for consumers, professional artists and educators. The Company also offers Family Safety platform for family locator and parental controls.

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