Synacor, Inc. (NASDAQ:SYNC) Files An 8-K Entry into a Material Definitive Agreement

Synacor, Inc. (NASDAQ:SYNC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.

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Entry into a Material Definitive Agreement.

On June 30, 2017 Synacor, Inc. (“Synacor”), together with certain of its subsidiaries, entered into the Seventh Amendment to Loan and Security Agreement (the “Amendment”) with Silicon Valley Bank (“SVB”). The Amendment amends the Loan and Security Agreement dated as of September27, 2013 by and between Synacor and SVB, as previously amended (together with all amendments, the “Loan Agreement”), which provides for a $12 million secured line of credit (the “Revolving Line”) with a stated maturity date of September25, 2018. The Revolving Line is available for cash borrowings, subject to a borrowing formula based upon eligible accounts receivable.

The Amendment amends, among other things, certain financial covenants that Synacor must maintain at all times, subject to periodic reporting as of the last day of each month.

The foregoing description of the Amendment is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.

About Synacor, Inc. (NASDAQ:SYNC)

Synacor, Inc. is a technology development, multiplatform services and revenue partner for video, Internet and communications providers, device manufacturers and enterprises. The Company enables its customers to provide their consumers engaging, multiscreen experiences with products that require scale, actionable data and implementation. Through its Managed Portals and Advertising solutions, the Company enables its customers to earn revenue by monetizing media among their consumers. Its Managed Portals are delivered across devices and under its customers’ own brand names. The Company delivers content, such as top news, entertainment, and long- and short-form video and applications, on its Managed Portals. In addition, consumers have the ability through portals to manage their e-mail and messaging, pay bills, receive special promotions and perform other account management needs.

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