Inseego Corp. Terminates Material Definitive Agreement
Ticker: INSG · Form: 8-K · Filed: Apr 18, 2024 · CIK: 1022652
Sentiment: neutral
Topics: agreement-termination, regulation-fd, financial-statements
TL;DR
Inseego terminated a key deal, filing an 8-K today.
AI Summary
On April 18, 2024, Inseego Corp. filed an 8-K to report the termination of a material definitive agreement. The filing also includes Regulation FD disclosures and financial statements. The company's principal executive offices are located at 9710 Scranton Road, Suite 200, San Diego, California.
Why It Matters
The termination of a material definitive agreement can signal significant changes in a company's contractual relationships and future business operations.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement can indicate potential financial distress or strategic shifts that may impact the company's future performance.
Key Numbers
- 001-38358 — SEC File Number (Identifies the company's filing with the SEC.)
- 81-3377646 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- INSEEGO CORP. (company) — Registrant
- April 18, 2024 (date) — Date of earliest event reported
- 9710 Scranton Road, Suite 200, San Diego, California 92121 (location) — Principal executive offices
- NOVATEL WIRELESS INC (company) — Former company name
FAQ
What specific material definitive agreement was terminated by Inseego Corp.?
The filing does not specify the exact name or details of the material definitive agreement that was terminated.
What is the effective date of the termination of the material definitive agreement?
The filing indicates April 18, 2024, as the date of the earliest event reported, which includes the termination.
Does the 8-K filing provide any details on the reasons for the termination?
The provided text of the 8-K filing does not include specific reasons for the termination of the material definitive agreement.
What other items are included in this 8-K filing besides the termination of an agreement?
This 8-K filing also includes Regulation FD Disclosures and Financial Statements and Exhibits.
What was Inseego Corp.'s former company name?
Inseego Corp.'s former company name was NOVATEL WIRELESS INC, with a date of name change on July 26, 2000.
Filing Stats: 781 words · 3 min read · ~3 pages · Grade level 11.1 · Accepted 2024-04-18 16:15:12
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share INSG Nasdaq Global Select
- $250,000 — ired to pay an early termination fee of $250,000 to the Lender. In addition, the Company
- $400,000 — an exit fee in the aggregate amount of $400,000 to South Ocean Funding, LLC and North S
- $4.0 million — e early redemption of the Participants' $4.0 million the last-out subordinated participation
Filing Documents
- inseego_8k.htm (8-K) — 30KB
- inseego_ex9901.htm (EX-99.1) — 12KB
- image_001.jpg (GRAPHIC) — 2KB
- 0001683168-24-002509.txt ( ) — 220KB
- insg-20240418.xsd (EX-101.SCH) — 3KB
- insg-20240418_lab.xml (EX-101.LAB) — 33KB
- insg-20240418_pre.xml (EX-101.PRE) — 22KB
- inseego_8k_htm.xml (XML) — 4KB
02
Item 1.02 Termination of a Material Definitive Agreement. Effective April 18, 2024, Inseego Corp. (the "Company"), exercised its right to voluntarily terminate the Loan and Security Agreement, dated as of August 5, 2022, by and among Siena Lending Group LLC, as lender (the "Lender"), Inseego Wireless, Inc. and Inseego North America LLC, as borrowers, and the Company, as guarantor (as amended, the "Loan and Security Agreement"). In connection with the termination of the Loan and Security Agreement, in addition to any outstanding loan balance, accrued interest, and other charges, the Company was required to pay an early termination fee of $250,000 to the Lender. In addition, the Company will be required to pay an exit fee in the aggregate amount of $400,000 to South Ocean Funding, LLC and North Sound Ventures, LP (collectively, the "Participants") as a result of the early redemption of the Participants' $4.0 million the last-out subordinated participation interest in the Loan and Security Agreement pursuant to a Participation Agreement between the Participants and the Lender. South Ocean Funding, LLC is an affiliate of Golden Harbor, Ltd. and North Sound Ventures, LP is an affiliate of North Sound Management, Inc. As of the date hereof, each of Golden Harbor, Ltd. and North Sound Management, Inc. hold in excess of 5% of the Company's outstanding common stock. James Avery, a member of the Company's Board of Directors, currently serves as Senior Managing Director of Tavistock Group, an affiliate of South Ocean Funding, LLC.
01
Item 7.01 Regulation FD Disclosure. On April 18, 2024, the Company issued a press release announcing the termination of the Loan and Security Agreement. A copy of the press release is attached to this current report on Form 8-K as Exhibit 99.1. The information in this Item 7.01, including Exhibit 99.1, 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 liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information of the information in this Item 7.01, including Exhibit 99.1.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. The following Exhibits are filed with this report: 99.1 Press release dated April 18, 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: April 18, 2024 3