Boxlight Corp Enters Credit Agreement Amendment
Ticker: BOXL · Form: 8-K · Filed: Jul 9, 2024 · CIK: 1624512
Sentiment: neutral
Topics: credit-agreement, debt, financing
TL;DR
Boxlight amended its credit agreement on July 2nd, creating new financial obligations.
AI Summary
On July 2, 2024, Boxlight Corporation entered into a material definitive agreement, specifically a Second Amendment to the Credit Agreement, which creates a direct financial obligation for the registrant. The details of this amendment, including specific financial terms and obligations, are outlined in the filing.
Why It Matters
This filing indicates Boxlight Corporation has modified its credit agreement, which could impact its financial obligations and operational flexibility.
Risk Assessment
Risk Level: medium — Amendments to credit agreements can introduce new financial obligations or covenants that may affect a company's financial health and flexibility.
Key Players & Entities
- Boxlight Corporation (company) — Registrant
- July 2, 2024 (date) — Date of earliest event reported
- Second Amendment to the Credit Agreement (agreement) — Material definitive agreement
FAQ
What is the specific nature of the Second Amendment to the Credit Agreement?
The filing states that the Second Amendment to the Credit Agreement constitutes a material definitive agreement and creates a direct financial obligation for the registrant, but specific details are not provided in this summary.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on July 2, 2024.
What is Boxlight Corporation's primary SIC code?
Boxlight Corporation's primary Standard Industrial Classification (SIC) code is 8211, which falls under SERVICES-EDUCATIONAL SERVICES.
Where is Boxlight Corporation's principal executive office located?
Boxlight Corporation's principal executive office is located at 2750 Premiere Parkway, Suite 900, Duluth, Georgia 30097.
What other items are reported in this 8-K filing besides the material definitive agreement?
This 8-K filing also reports the creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Filing Stats: 743 words · 3 min read · ~2 pages · Grade level 13.3 · Accepted 2024-07-09 08:00:26
Key Financial Figures
- $0.0001 — ange on which registered Common Stock $0.0001 per share BOXL The Nasdaq Stock Mar
- $2,000,000 — the Lender 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
- tm2419083d1_8k.htm (8-K) — 26KB
- 0001104659-24-078457.txt ( ) — 194KB
- boxl-20240702.xsd (EX-101.SCH) — 3KB
- boxl-20240702_lab.xml (EX-101.LAB) — 33KB
- boxl-20240702_pre.xml (EX-101.PRE) — 22KB
- tm2419083d1_8k_htm.xml (XML) — 3KB
01
Item 1.01. Entry into a Materially Definitive Agreement As disclosed in the Form 8-K filed by Boxlight Corporation, a Nevada corporation (the "Company") on April 23, 2024 with the SEC, on April 19, 2024 the Company entered into a sixth amendment (the "Sixth Amendment") to its credit agreement (the "Credit Agreement") with Whitehawk Capital Partners LP, as collateral agent (the "Collateral Agent"), and Whitehawk Finance LLC, as lender (the "Lender"). The Sixth Amendment amended 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 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 certain 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. On July 2, 2024, the Company requested and received an additional $2,000,000 working capital bridge loan. 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 was filed as Exhibit 10.1 with the Form 8-K dated April 23, 2024 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 July 2, 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. 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: July 8, 2024 BOXLIGHT CORPORATION By: /s/ Gregory Wiggins Name: Gregory Wiggins Title: Chief Financial Officer