R F Industries Files 8-K for Material Definitive Agreement

TL;DR

RF Industries just signed a big deal, filing an 8-K to prove it.

AI Summary

On February 29, 2024, R F Industries, Ltd. entered into a Material Definitive Agreement. The company, incorporated in Nevada, filed an 8-K report detailing this agreement. The filing also includes financial statements and exhibits.

Why It Matters

This filing indicates a significant new contract or partnership for R F Industries, Ltd., which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks and opportunities, the specifics of which are not detailed in this initial filing.

Key Players & Entities

• R F INDUSTRIES, LTD. (company) — Registrant
• February 29, 2024 (date) — Date of earliest event reported
• 16868 Via Del Campo Court, Suite 200 (location) — Principal Executive Offices Address
• San Diego, CA 92127 (location) — Principal Executive Offices City, State, Zip
• 858-549-6340 (phone_number) — Registrant's Telephone Number

FAQ

Key Financial Figures

• $0.01 — ge on which registered Common Stock , $0.01 par value per share RFIL NASDAQ Glob
• $17 million — ch the Bank provided the Company with a $17 million term loan (the "Term Loan") and a $3 mi
• $3 million — llion term loan (the "Term Loan") and a $3 million revolving credit facility (the "Revolvi
• $1.0 million — make an additional principal payment of $1.0 million on the Term Loan, from March 1, 2024, a
• $2.0 million — tinue to maintain liquidity of at least $2.0 million and pay the current remaining outstandi
• $500,000 — urrent remaining outstanding balance of $500,000 on the Revolving Credit Facility by Mar

Filing Documents

• rfil20240301_8k.htm (8-K) — 28KB
• ex_633604.htm (EX-10.1) — 39KB
• ex_633604img001.jpg (GRAPHIC) — 4KB
• 0001437749-24-006325.txt ( ) — 210KB
• rfil-20240229.xsd (EX-101.SCH) — 3KB
• rfil-20240229_def.xml (EX-101.DEF) — 11KB
• rfil-20240229_lab.xml (EX-101.LAB) — 15KB
• rfil-20240229_pre.xml (EX-101.PRE) — 11KB
• rfil20240301_8k_htm.xml (XML) — 3KB

01

Item 1.01 Entry into a Material Definitive Agreement. On February 29, 2024, RF Industries, Ltd., a Nevada corporation (the "Company") entered into Amendment No. 3 to Loan Agreement ("Loan Amendment No. 3"), effective as of February 29, 2024, with Bank of America, N.A. (the "Bank"), amending that certain Loan Agreement, dated as of February 25, 2022, between the Company and the Bank (as amended, the "Loan Agreement"), under which the Bank provided the Company with a $17 million term loan (the "Term Loan") and a $3 million revolving credit facility (the "Revolving Credit Facility" and together with the Term Loan, the "Credit Facility"). Loan Amendment No. 3, among other matters, defers the requirement that the Company make an additional principal payment of $1.0 million on the Term Loan, from March 1, 2024, as was required under Amendment No. 2 to the Loan Agreement, entered into between the Company and the Bank on January 26, 2024 ("Loan Amendment No. 2"), to April 1, 2024. Further, Loan Amendment No. 3 reduces the additional fee the Company is required to pay the Bank on March 2, 2024 from 1% of the collective outstanding principal balances of the Revolving Credit Facility and Term Loan as of March 1, 2024 as required under Loan Amendment No. 2, to 0.50% of the collective outstanding principal balances of the Revolving Credit Facility and Term Loan as of March 1, 2024. Additionally, Loan Amendment No. 3 requires the Company to pay the Bank a fee equal to 0.50% of the collective outstanding principal balances of the Revolving Credit Facility and Term Loan as of March 1, 2024, if the Credit Facility is not repaid in full on or before April 2, 2024 (the "April 2024 Fee"). The April 2024 Fee, if applicable, will be due on April 2, 2024. Under Loan Amendment No. 3, the Company must continue to maintain liquidity of at least $2.0 million and pay the current remaining outstanding balance of $500,000 on the Revolving Credit Facility by March 1, 2024, as required under L

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amendment No. 3 to Loan Agreement, dated February 29, 2024, between Bank of America, N.A. and RF Industries, Ltd. 104 Cover Page Interactive Date File (embedded within the Inline XBRL document).

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. RF INDUSTRIES, LTD. March 1, 2024 By: /s/ Peter Yin Peter Yin Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR