Inseego Reports Material Agreement, Officer Changes, and Financials
Ticker: INSG · Form: 8-K · Filed: Feb 21, 2024 · CIK: 1022652
Sentiment: neutral
Topics: material-agreement, officer-changes, financial-condition
TL;DR
**Inseego just dropped an 8-K on Feb 19th detailing a new material agreement, officer changes, and financial updates.**
AI Summary
Inseego Corp. filed an 8-K on February 21, 2024, reporting events from February 19, 2024. The filing indicates an entry into a material definitive agreement, details regarding results of operations and financial condition, and information about the departure or election of directors or officers, including compensatory arrangements. The company, based in San Diego, CA, operates in communications equipment.
Why It Matters
This filing signals significant corporate actions, including potential changes in leadership and financial performance, which could impact Inseego's strategic direction and investor confidence.
Risk Assessment
Risk Level: medium — The filing mentions a 'material definitive agreement' and 'departure of directors or certain officers,' which could introduce both opportunities and risks depending on the specifics not fully detailed in this summary.
Key Players & Entities
- INSEEGO CORP. (company) — Registrant
- February 19, 2024 (date) — Date of earliest event reported
- February 21, 2024 (date) — Filing date
- San Diego, California (location) — Company headquarters
- 001-38358 (other) — Commission file number
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 19, 2024.
When was this 8-K filed with the SEC?
This 8-K was filed with the SEC on February 21, 2024.
What is the full name of the registrant company?
The full name of the registrant company is INSEEGO CORP.
What types of information are included in this 8-K filing?
This 8-K filing includes information on Entry into a Material Definitive Agreement, Results of Operations and Financial Condition, Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers, and Financial Statements and Exhibits.
Where is Inseego Corp.'s business address?
Inseego Corp.'s business address is 9710 Scranton Road, Suite 200, San Diego, California 92121.
Filing Stats: 1,039 words · 4 min read · ~3 pages · Grade level 10.7 · Accepted 2024-02-21 16:17:01
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share INSG Nasdaq Global Select
- $10 million — e Company are required to maintain from $10 million to $8 million. No costs were incurred b
- $8 million — equired to maintain from $10 million to $8 million. No costs were incurred by the Company
- $20,000 — in Mr. Brace's director compensation to $20,000 per month. In addition, the Board will
- $50,000 — ive Chairman, with an economic value of $50,000 per month of service in such capacity t
Filing Documents
- inseego_8k.htm (8-K) — 30KB
- inseego_ex1001.htm (EX-10.1) — 4KB
- inseego_ex9901.htm (EX-99.1) — 204KB
- image_001.jpg (GRAPHIC) — 230KB
- image_002.jpg (GRAPHIC) — 244KB
- image_003.jpg (GRAPHIC) — 207KB
- image_004.jpg (GRAPHIC) — 58KB
- image_005.jpg (GRAPHIC) — 38KB
- image_006.jpg (GRAPHIC) — 2KB
- 0001683168-24-001098.txt ( ) — 1506KB
- insg-20240219.xsd (EX-101.SCH) — 3KB
- insg-20240219_lab.xml (EX-101.LAB) — 33KB
- insg-20240219_pre.xml (EX-101.PRE) — 22KB
- inseego_8k_htm.xml (XML) — 4KB
01. Entry into a Material Definitive
Item 1.01. Entry into a Material Definitive Agreement. On February 20, 2024, Inseego Corp. (the "Company") entered into a fourth amendment (the "Fourth Amendment") of the Company's Loan and Security Agreement (the "Credit Agreement") with Siena Lending Group LLC, as lender. The Fourth Amendment relaxed the financial covenants under the Credit Agreement by decreasing the minmum liquidity level the Company are required to maintain from $10 million to $8 million. No costs were incurred by the Company in connection with the Fourth Amendment. The foregoing description of the Fourth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Fourth Amendment, a copy of which is filed as exhibit 10.1 to this Current Report on Form 8-K.
02. Results of Operations and Financial
Item 2.02. Results of Operations and Financial Condition. The information in "Item 2.02 Results of Operations and Financial Condition" of this Current Report on Form 8-K and in Exhibit 99.1, attached hereto, is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. It may be incorporated by reference in a filing under the Exchange Act or the Securities Act of 1933, as amended, only if such subsequent filing specifically references such disclosure in this Form 8-K. On February 21, 2024, the Company issued a press release containing preliminary financial results for the year and quarter ended December 31, 2023.
02. Departure of Directors or Certain
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 19, 2024, Ashish Sharma resigned as Chief Executive Officer and President of the Company, to be effective as of February 23, 2024. In addition, the Company's board of directors (the "Board") appointed Philip G. Brace, a member of the Board, to the newly-created role of Executive Chairman, effective as of February 19, 2024 and to continue until the earlier of six (6) months or a permanent chief executive officer and president is hired. Mr. Brace, age 53, joined the Board in September 2023. Mr. Brace has an extensive technology and operations background. His experience at technology companies over the past 30 years includes roles in a wide array of functional areas, including engineering, software, hardware, and sales and marketing. Most recently, Mr. Brace served as president and CEO of Sierra Wireless Inc. from July 2021 until its sale to Semtech Corporation in January 2023. His previous executive roles include Executive Vice President at Veritas Technologies, President of Seagate Technology's Cloud Systems and Electronic Solutions, Executive Vice President at LSI Corporation, and General Manager at Intel Corporation. Mr. Brace currently serves on the board of directors of Lantronix, Inc. and Blackberry Limited. Mr. Brace holds a Bachelor's degree in Applied Science from the University of Waterloo and a Master's degree in Electrical Engineering from California State University, Sacramento. In consideration for his service as Executive Chairman, the Board has approved a temporary increase in Mr. Brace's director compensation to $20,000 per month. In addition, the Board will award Mr. Brace a one-time special equity award in the form of RSUs, to be granted upon the completion of Mr. Brace's service as Executive Chairman, with an economic value of $50,000 per month of service in such capacity that
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The following Exhibits are filed with this report: 10.1 Fourth Amendment, dated as of February 8, 2024, to Loan and Security Agreement, dated as of August 5, 2022, among Siena Lending Group LLC (as Lender), Inseego Wireless, Inc., and Inseego North America LLC (as Borrowers), and Inseego Corp. (as Guarantor) . 99.1 Press release dated February 21, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
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. INSEEGO CORP. By: /s/ Steven Gatoff Name: Steven Gatoff Title: Chief Financial Officer Date: February 21, 2024 3