Daktronics Signs Material Definitive Agreement
Ticker: DAKT · Form: 8-K · Filed: Aug 29, 2024 · CIK: 915779
Sentiment: neutral
Topics: material-agreement, definitive-agreement
TL;DR
Daktronics signed a big deal, more details to come.
AI Summary
On August 26, 2024, Daktronics, Inc. entered into a material definitive agreement. The filing also includes financial statements and exhibits related to this agreement. Specific details of the agreement, including dollar amounts and parties involved, are not fully disclosed in the provided text.
Why It Matters
This filing indicates a significant new contract or partnership for Daktronics, which could impact its future revenue and operations.
Risk Assessment
Risk Level: medium — The filing confirms a material definitive agreement, but the lack of specific details about the agreement's terms and financial implications introduces uncertainty.
Key Players & Entities
- Daktronics, Inc. (company) — Registrant
FAQ
What is the nature of the material definitive agreement entered into by Daktronics, Inc.?
The filing states that Daktronics, Inc. entered into a material definitive agreement on August 26, 2024, but does not provide specific details about its nature.
Who are the other parties involved in this material definitive agreement?
The provided text does not specify the other parties involved in the material definitive agreement.
What is the effective date of the material definitive agreement?
The earliest event reported, which includes the entry into the material definitive agreement, is dated August 26, 2024.
Are there any financial terms or dollar amounts associated with this agreement disclosed in the filing?
The provided text does not disclose any specific financial terms or dollar amounts related to the material definitive agreement.
What other information is included in this 8-K filing besides the material definitive agreement?
This 8-K filing also includes financial statements and exhibits.
Filing Stats: 761 words · 3 min read · ~3 pages · Grade level 11.9 · Accepted 2024-08-29 14:33:50
Key Financial Figures
- $5.3 million — of Credit outstanding was approximately $5.3 million. The foregoing description of the Ame
Filing Documents
- dakt-20240826.htm (8-K) — 33KB
- exhibit101letteramendment.htm (EX-10.1) — 13KB
- dakt-20240826_g1.jpg (GRAPHIC) — 3KB
- 0000915779-24-000072.txt ( ) — 225KB
- dakt-20240826.xsd (EX-101.SCH) — 2KB
- dakt-20240826_def.xml (EX-101.DEF) — 17KB
- dakt-20240826_lab.xml (EX-101.LAB) — 29KB
- dakt-20240826_pre.xml (EX-101.PRE) — 17KB
- dakt-20240826_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On August 26, 2024, Daktronics, Inc. (the "Company") entered into a Letter Amendment (the "Amendment") to the Credit Agreement dated as of May 11, 2023, by and among the Company, the other Loan parties (as defined in the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, restated, modified, or supplemented from time to time, the "Credit Agreement"). The Amendment adds a new clause under Section 4.02 of the Credit Agreement, which defines when a Borrowing Base Certificate (as defined in the Credit Agreement) and supporting documentation are required to be delivered in connection with a Borrowing (as defined in the Credit Agreement) requested by the Company or issuance of a Letter of Credit (as defined in the Credit Agreement). The Amendment also amends Section 5.01 of the Credit Agreement to permit the Company to deliver Borrowing Base Certificates and supporting documentation on a quarterly (rather than monthly) basis so long as the Aggregate Revolving Exposure (as defined in the Credit Agreement) is zero. As of August 26, 2024, there were no Borrowings outstanding under the Credit Agreement, and the balance of Letters of Credit outstanding was approximately $5.3 million. The foregoing description of the Amendment is qualified in its entirety by reference to such document, a copy of which is filed as Exhibit 10.1 to this Report and incorporated herein by reference. Section 9 - Financial Statements and Exhibits
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits: (d) Exhibits. The following exhibits are filed as part of this Report: 10.1 Letter Agreement to Credit Agreement date d of August 26, 2024 by and among Daktronics, Inc. and the other Borrowers; the other Loan Parties to the Credit Agreement; the Lenders party to the Credit Agreement; and JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the Lenders 104 Cover page Interactive Data File (embedded within the Inline XBRL document) 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. DAKTRONICS, INC. By: /s/ Sheila M. Anderson Sheila M. Anderson, Chief Financial Officer Date: August 29, 2024 EXHIBIT INDEX Exhibit No. Description 10.1 Letter Agreement to Credit Agreement dated of August 26, 2024 by and among Daktronics, Inc. and the other Borrowers; the other Loan Parties to the Credit Agreement; the Lenders party to the Credit Agreement; and JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the Lender 104 Cover page Interactive Data File (embedded within the Inline XBRL document)