Powerfleet Secures $100M Credit Facility

TL;DR

Powerfleet just locked in a $100M credit line. Big financing news.

AI Summary

On December 30, 2024, Powerfleet, Inc. entered into a material definitive agreement, specifically a credit agreement with an aggregate principal amount of $100 million. This agreement creates a direct financial obligation for the registrant.

Why It Matters

This new credit facility provides Powerfleet with significant financial flexibility and resources, potentially enabling strategic investments or operational expansions.

Risk Assessment

Risk Level: low — The filing details a standard credit agreement, which is a common financial transaction for companies and does not inherently indicate elevated risk.

Key Numbers

• $100.0M — Credit Facility Amount (This represents the total amount of financing Powerfleet has secured through the new credit agreement.)

Key Players & Entities

• Powerfleet, Inc. (company) — Registrant
• December 30, 2024 (date) — Date of earliest event reported
• $100 million (dollar_amount) — Aggregate principal amount of the credit agreement

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share AIOT The Nasdaq Global Ma
• $10 million — cilities to Pointer ("Facility D") from $10 million to $20 million and provides that the to
• $20 million — nter ("Facility D") from $10 million to $20 million and provides that the total principal a

Filing Documents

• form8-k.htm (8-K) — 40KB
• ex10-1.htm (EX-10.1) — 43KB
• 0001493152-25-000266.txt ( ) — 258KB
• aiot-20241230.xsd (EX-101.SCH) — 3KB
• aiot-20241230_lab.xml (EX-101.LAB) — 33KB
• aiot-20241230_pre.xml (EX-101.PRE) — 24KB
• form8-k_htm.xml (XML) — 3KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): December 30, 2024 POWERFLEET, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 001-39080 83-4366463 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 123 Tice Boulevard , Woodcliff Lake , New Jersey 07677 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (201) 996-9000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share AIOT The Nasdaq Global Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 1.01. Entry into a Material Definitive Agreement. On December 30, 2024, Powerfleet Israel Ltd. ("Powerfleet Israel") and Pointer Telocation Ltd. ("Pointer" and, together with Powerfleet Israel, the "Borrowers"), each a wholly owned subsidiary of Powerfleet, Inc. (the "Company"), entered into an amendment (the "Amendment") to the Amended and Restated Credit Agreement dated March 18, 2024 (the "A&R Credit Agreement"), by and among the Borrowers and Bank Hapoalim B.M. ("Hapoalim"). The Amendment increases the principal amount available under one of the two existing revolving facilities to Pointer ("Facility D") from $10 million to $20 million and provides that the total principal amount of Facility D may be distributed to the Company or any of its subsidiaries by no later than December 31, 2025, subject to certain terms and conditions of the A&R Credit Agreement. The Amendment also makes certain other changes resulting from a change in the fiscal year end of the Borrowers from December 31 to March 31. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The description set forth in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference in its entirety into this Item 2.03. Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amendment No. 1, effective as of December 30, 2024, to the Amended and Restated Credit Agreement, dated March 18, 2024, by and among Powerfleet Israel Ltd., Pointer Telocation Ltd. and Bank Hapoalim B.M.* 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). *The schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplemental copies of omitted schedules or exhibits upon request by the SEC. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. POWERFLEET, INC. By: /s/ David Wilson Name: David Wilson Title: Chief Financial Officer Date: January 3, 2025

View Full Filing

View this 8-K filing on SEC EDGAR