LeddarTech Secures Waiver on C$5M Cash Covenant
Ticker: LDTDF · Form: 6-K · Filed: Jul 5, 2024 · CIK: 1981462
| Field | Detail |
|---|---|
| Company | Leddartech Holdings Inc. (LDTDF) |
| Form Type | 6-K |
| Filed Date | Jul 5, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $5.0 million, $3.5 million, $1.8 million, $9.7 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: waiver, credit-facility, covenant
TL;DR
LeddarTech got a waiver from Desjardins on the C$5M cash balance requirement. Big relief.
AI Summary
On July 5, 2024, LeddarTech Holdings Inc. entered into a Ninth Amending Agreement with Fédération des caisses Desjardins du Québec (Desjardins) regarding their credit facility. This agreement waives a requirement for the Company to maintain an unencumbered cash balance of at least C$5.0 million.
Why It Matters
This waiver provides LeddarTech with increased financial flexibility by temporarily removing a significant cash requirement from its credit agreement with Desjardins.
Risk Assessment
Risk Level: medium — While a waiver is positive, the underlying need for such waivers can indicate potential financial strain or operational challenges.
Key Numbers
- C$5.0 million — Minimum Cash Covenant (This was the unencumbered cash balance requirement that LeddarTech received a waiver on.)
Key Players & Entities
- LeddarTech Holdings Inc. (company) — The company filing the report and receiving the waiver.
- Fédération des caisses Desjardins du Québec (company) — The financial institution providing the credit facility and granting the waiver.
- C$5.0 million (dollar_amount) — The minimum unencumbered cash balance requirement that was waived.
- July 5, 2024 (date) — The date the Ninth Amending Agreement was entered into.
FAQ
What is the specific nature of the Ninth Amending Agreement?
The Ninth Amending Agreement is a waiver granted by Desjardins to LeddarTech Holdings Inc. concerning the Desjardins Credit Facility.
Who is Fédération des caisses Desjardins du Québec in this context?
Desjardins is the financial institution that provided the Amended and Restated Financing Offer (Desjardins Credit Facility) to LeddarTech Holdings Inc.
What specific covenant was waived?
The covenant that was waived required LeddarTech Holdings Inc. to maintain an unencumbered cash balance of at least C$5.0 million.
When did this waiver agreement take effect?
The Ninth Amending Agreement, which includes the waiver, was entered into on July 5, 2024.
What is the original date of the Desjardins Credit Facility?
The Amended and Restated Financing Offer, known as the Desjardins Credit Facility, was dated as of April 5, 2023.
Filing Stats: 632 words · 3 min read · ~2 pages · Grade level 14.2 · Accepted 2024-07-05 17:23:38
Key Financial Figures
- $5.0 million — unencumbered cash balance of at least C$5.0 million (the “Minimum Cash Covenant&rdquo
- $3.5 million — the required Minimum Cash Covenant to C$3.5 million from July 5, 2024 through July 6, 2024,
- $1.8 million — y 5, 2024 through July 6, 2024, and to C$1.8 million from July 7, 2024 through July 26, 2024
- $9.7 million — lders to invest an aggregate of up to US$9.7 million in the Company, subject to certain cond
Filing Documents
- ea020902301-6k_leddartech.htm (6-K) — 18KB
- ea020902301ex10-1_leddartech.htm (EX-10.1) — 38KB
- ex10-1_001.jpg (GRAPHIC) — 7KB
- 0001213900-24-059589.txt ( ) — 68KB
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, thereunto duly authorized. LEDDARTECH HOLDINGS INC. By: /s/ David Torralbo Name: David Torralbo, Title: Chief Legal Officer Date: July 5, 2024 2