NeoVolta Secures $5M Loan
Ticker: NEOVW · Form: 8-K · Filed: Sep 4, 2024 · CIK: 1748137
| Field | Detail |
|---|---|
| Company | Neovolta Inc. (NEOVW) |
| Form Type | 8-K |
| Filed Date | Sep 4, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $5,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: financing, debt, material-agreement
TL;DR
NeoVolta just got a $5M loan, potentially fueling major growth.
AI Summary
On September 3, 2024, NeoVolta Inc. entered into a material definitive agreement, specifically a loan agreement with an unnamed lender for $5.0 million. This agreement creates a direct financial obligation for NeoVolta, Inc. The filing also includes financial statements and exhibits related to this transaction.
Why It Matters
This $5.0 million loan provides NeoVolta with significant capital, which could be used for operational expansion or to fund future projects, impacting its growth trajectory.
Risk Assessment
Risk Level: medium — The loan introduces financial leverage and repayment obligations, and the identity of the lender and specific terms are not fully detailed in this initial filing.
Key Numbers
- $5.0M — Loan Amount (Represents new financing for NeoVolta, Inc.)
Key Players & Entities
- NeoVolta, Inc. (company) — Registrant
- $5.0 million (dollar_amount) — Loan amount
- September 3, 2024 (date) — Date of material definitive agreement
FAQ
What is the purpose of the $5.0 million loan?
The filing does not explicitly state the purpose of the $5.0 million loan, but it is a material definitive agreement creating a direct financial obligation for NeoVolta, Inc.
Who is the lender for the $5.0 million loan?
The specific identity of the lender for the $5.0 million loan is not disclosed in this 8-K filing.
When was the material definitive agreement for the loan entered into?
The material definitive agreement, which includes the $5.0 million loan, was entered into on September 3, 2024.
What type of financial obligation does this agreement create for NeoVolta, Inc.?
The agreement creates a direct financial obligation for NeoVolta, Inc. as a registrant.
What other items are included with this 8-K filing?
This 8-K filing includes financial statements and exhibits related to the material definitive agreement.
Filing Stats: 707 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-09-04 08:45:10
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share NEOV The NASDAQ Stock Mark
- $5,000,000 — line of credit for borrowings of up to $5,000,000. Under the Agreement, the Company will
Filing Documents
- neovolta_8k.htm (8-K) — 32KB
- neovolta_ex1001.htm (EX-10.1) — 80KB
- neovolta_ex9901.htm (EX-99.1) — 6KB
- image_001.jpg (GRAPHIC) — 4KB
- 0001683168-24-006163.txt ( ) — 358KB
- neov-20240903.xsd (EX-101.SCH) — 3KB
- neov-20240903_def.xml (EX-101.DEF) — 26KB
- neov-20240903_lab.xml (EX-101.LAB) — 36KB
- neov-20240903_pre.xml (EX-101.PRE) — 25KB
- neovolta_8k_htm.xml (XML) — 5KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement. On September 3, 2024, NeoVolta, Inc. (the "Company") entered into an agreement (the "Agreement") with National Energy Modelers, Inc. (the "Lender"), a newly formed financing entity, whereby the Company obtained a line of credit for borrowings of up to $5,000,000. Under the Agreement, the Company will be required to make monthly payments to the Lender of accrued interest, at the rate of 16% per annum, on any outstanding borrowings that are made, with the principal and any unpaid accrued interest being due at maturity in September 2026. The Agreement contain standard and customary events of defaults (each, an "Event of Default"), including but not limited: (i) the failure to pay to the Lender any amounts when due; (ii) the breach of any covenants or any representations made in the Agreement; and (iii) the bankruptcy or insolvency of the Company. Upon an Event of Default, all principal outstanding and any unpaid interest will immediately become due and payable. In order to secure such borrowings, the Company has granted a security interest in all of its assets to the Lender. As a condition of receiving this line of credit from the Lender, the Company agreed not to issue any securities pursuant to the Company's Form S-3 (file number 333-280400), without the Lender's consent, so long as any borrowings remain outstanding. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference.
03. Creation of a Direct Financial Obligation or
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information in Item 1.01 is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Line of Credit Agreement between NeoVolta, Inc. and National Energy Modelers, Inc., dated September 3, 2024 99.1 Press Release, dated September 4, 2024 104 Cover page Interactive Data File (formatted as Inline XBRL document) 2 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NeoVolta, Inc. By: /s/ Steve Bond Steve Bond Chief Financial Officer Dated: September 4, 2024 3