Boxlight Corp Amends Credit Agreement
Ticker: BOXL · Form: 8-K · Filed: Apr 23, 2024 · CIK: 1624512
Sentiment: neutral
Topics: debt, financing, credit-agreement
TL;DR
Boxlight just amended its credit agreement, changing the terms of its debt.
AI Summary
On April 19, 2024, Boxlight Corporation entered into a material definitive agreement, specifically a Second Amendment to the Credit Agreement, which creates a direct financial obligation. This amendment modifies the terms of their existing credit facility.
Why It Matters
This amendment to Boxlight's credit agreement could impact its financial flexibility and borrowing costs, potentially affecting future investments or operational capacity.
Risk Assessment
Risk Level: medium — Amendments to credit agreements can signal changes in a company's financial health or its ability to meet existing obligations.
Key Players & Entities
- Boxlight Corporation (company) — Registrant
- April 19, 2024 (date) — Date of earliest event reported
- Second Amendment to the Credit Agreement (agreement) — Material Definitive Agreement
FAQ
What specific changes were made in the Second Amendment to the Credit Agreement?
The filing indicates the creation of a direct financial obligation and an obligation under an off-balance sheet arrangement due to the Second Amendment to the Credit Agreement, but the specific details of the changes are not provided in this summary.
What is the nature of the financial obligation created by the amendment?
The filing states that the amendment creates a 'Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant', implying a change in Boxlight's debt structure or commitments.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on April 19, 2024.
What is Boxlight Corporation's state of incorporation?
Boxlight Corporation is incorporated in Nevada.
What is the primary SIC code for Boxlight Corporation?
The primary Standard Industrial Classification (SIC) code for Boxlight Corporation is 8211, which falls under SERVICES-EDUCATIONAL SERVICES.
Filing Stats: 778 words · 3 min read · ~3 pages · Grade level 12.6 · Accepted 2024-04-23 16:30:50
Key Financial Figures
- $0.0001 — ange on which registered Common Stock $0.0001 per share BOXL The Nasdaq Stock Mar
- $2,000,000 — Lender has provided the Company with a $2,000,000 additional working capital bridge loan
- $3,000,000 — provide the Company with an additional $3,000,000 working capital bridge loan in June 202
Filing Documents
- tm2412468d1_8k.htm (8-K) — 30KB
- tm2412468d1_ex10-1.htm (EX-10.1) — 1363KB
- tm2412468d1_ex10-2.htm (EX-10.2) — 11KB
- 0001104659-24-050611.txt ( ) — 1851KB
- boxl-20240419.xsd (EX-101.SCH) — 3KB
- boxl-20240419_lab.xml (EX-101.LAB) — 33KB
- boxl-20240419_pre.xml (EX-101.PRE) — 22KB
- tm2412468d1_8k_htm.xml (XML) — 4KB
01
Item 1.01. Entry into a Materially Definitive Agreement On April 19, 2024, Boxlight Corporation, a Nevada corporation (the "Company"), entered into a sixth amendment (the "Sixth Amendment") to the credit agreement (the "Credit Agreement") with Whitehawk Capital Partners LP, as collateral agent (the "Collateral Agent"), and Whitehawk Finance LLC (the "Lender"). The Sixth Amendment serves to amend the Credit Agreement, originally entered into on December 31, 2021, as amended on April 4, 2022, June 21, 2022, April 24,2023, June 26, 2023, and March 14, 2024 between the Company and all of its direct and indirect subsidiaries, the Collateral Agent, and the Lender. Pursuant to the Sixth Amendment, the Lender has provided the Company with a $2,000,000 additional working capital bridge loan on April 19, 2024 and agreed to provide the Company with an additional $3,000,000 working capital bridge loan in June 2024, provided, that the Company is then in compliance with revised minimum liquidity requirements that the Company must maintain in order to comply with certain Borrowing Base Requirements (as defined in the Credit Agreement) and other loan covenants, including its Senior Leverage Ratios (as defined in the Credit Agreement). Both working capital bridge loans are due and payable in full on November 29, 2024. The foregoing description of the Sixth Amendment to the Credit Agreement does not purport to describe all of the material terms of such agreement and is qualified in its entirety by reference to such document, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
03
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangementof a Registrant. Item 1.01 above is incorporated herein by reference. In connection with the Sixth Amendment to the Credit Agreement, the Company executed and provided a notice of borrowing (the "Notice of Borrowing") to the Collateral Agent giving notice that the Company was requesting a loan under the Credit Agreement in the aggregate principal amount of $2,000,000 (the "Loan"). The Loan closed on April 19, 2024. The foregoing description of the Notice of Borrowing does not purport to describe all of the material terms of such agreement and is qualified in its entirety by reference to such document, which is filed as Exhibit 10.2 hereto and is incorporated herein by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit No. Description 10.1 Sixth Amendment to Credit Agreement, dated April 19, 2024, between Boxlight Corporation, its subsidiaries, Whitehawk Capital Partners, LP and Whitehawk Finance LLC. 10.2 Notice of Borrowing, dated April 19, 2024, from Boxlight Corporation addressed to Whitehawk Capital Partners, LP. 104 Cover Page Interactive Data File (formatted as Inline XBRL).
SIGNATURES
SIGNATURES 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. Dated: April 23, 2024 BOXLIGHT CORPORATION By: /s/ Dale Strang Name: Dale Strang Title: Chief Executive Officer