ParkerVision Enters New Loan Agreement

TL;DR

ParkerVision just signed a new loan agreement, potentially impacting its cash flow and debt obligations.

AI Summary

On July 8, 2024, ParkerVision, Inc. entered into a Material Definitive Agreement, specifically a loan agreement. This agreement creates a direct financial obligation for the company, impacting its balance sheet and financial commitments.

Why It Matters

This filing indicates ParkerVision has secured new financing, which could be crucial for its operational needs or future growth initiatives.

Risk Assessment

Risk Level: medium — Entering into new debt obligations inherently carries financial risk related to repayment and interest, but the specific terms are not yet detailed.

Key Players & Entities

• ParkerVision, Inc. (company) — Registrant
• July 8, 2024 (date) — Date of earliest event reported
• Florida (location) — State of Incorporation
• 59-2971472 (organization_id) — IRS Employer Identification No.
• 4446-1A Hendricks Avenue Suite 354 (address) — Principal Executive Offices
• Jacksonville (location) — City of Principal Executive Offices
• 32207 (zip_code) — Zip Code of Principal Executive Offices
• 9047326100 (phone_number) — Registrant's Telephone Number

FAQ

Key Financial Figures

• $500,000 — July 18, 2019 note with a face value of $500,000, an interest rate of 7.5% per annum, an
• $400,000 — nuary 8, 2020 note with a face value of $400,000, an interest rate of 8% per annum, and
• $0.16 — reduction in the conversion price from $0.16 to $0.11. Each of the amendments to t
• $0.11 — n in the conversion price from $0.16 to $0.11. Each of the amendments to the GEM No
• $50,000 — investor. The note has a face value of $50,000 and an original maturity date of July 1
• $0.10 — other terms of the note, including the $0.10 conversion price, remain unchanged. T

Filing Documents

• prkr20240710_8k.htm (8-K) — 34KB
• ex_696747.htm (EX-10.1) — 45KB
• ex_696748.htm (EX-10.2) — 44KB
• ex_696749.htm (EX-10.3) — 44KB
• ex_696840.htm (EX-10.4) — 7KB
• 0001437749-24-022660.txt ( ) — 298KB
• prkr-20240708.xsd (EX-101.SCH) — 3KB
• prkr-20240708_def.xml (EX-101.DEF) — 10KB
• prkr-20240708_lab.xml (EX-101.LAB) — 14KB
• prkr-20240708_pre.xml (EX-101.PRE) — 11KB
• prkr20240710_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On July 8, 2024, ParkerVision, Inc. (the "Company") amended three convertible promissory notes held by GEM, LP. The three amended notes include a July 18, 2019 note with a face value of $500,000, an interest rate of 7.5% per annum, and an original maturity date of July 18, 2024 (the "2019 Note"), a January 8, 2020 note with a face value of $400,000, an interest rate of 8% per annum, and a maturity date of January 8, 2025 (the "2020 Note"), and a January 11, 2023 note with a face value of $500,000, an interest rate of 9% per annum, and a maturity date of January 11, 2028 (the "2023 Note"), collectively, the "GEM Notes." The amendment to the 2019 Note extended the maturity date to December 1, 2024. The 2019 Note amendment provides for an automatic extension of the maturity date to July 18, 2025, provided that the holder does not revoke the extension option in writing at least ten (10) trading days prior to the December 1, 2024 maturity date. Thereafter, the 2019 Note provides for up to ten (10) automatic one-year extensions of the then applicable maturity date, provided the holder does not revoke the option in writing at least ten (10) trading days prior to the then applicable maturity date. The amendment to the 2019 Note provides for continued interest payments at the original stated interest rate during any automatic extension periods until maturity. The amendments to the 2020 Note and the 2023 Note each provide for up to ten (10) one-year automatic extensions of the original maturity dates, at the original stated interest rates, provided the holder does not revoke the extension option in writing at least ten (10) trading days prior to the then applicable maturity date. In addition, the amendment to the 2023 Note provides for a reduction in the conversion price from $0.16 to $0.11. Each of the amendments to the GEM Notes provide the holder the option to increase the Maximum Ownership Percentage, as defined

03. Creation of a Direct Financial Obligation

Item 2.03. Creation of a Direct Financial Obligation The information set forth in Item 1.01 is incorporated under this Item 2.03 by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits: Exhibit Description 10.1 Amended and Restated Convertible Note dated July 18, 2019 between Registrant and GEM 10.2 Amended and Restated Convertible Note dated January 8, 2020 between Registrant and GEM 10.3 A mended and Restated Convertible Note dated January 13, 2023 between Registrant and GEM 10.4 Amendment to July 15, 2019 Convertible Note between Registrant and Lloyd Moriber 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. Dated: July 12, 2024 PARKERVISION, INC. By /s/ Cynthia French Cynthia French Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR