Lendway, Inc. Files 8-K on Material Agreement
Ticker: TULP · Form: 8-K · Filed: Oct 1, 2024 · CIK: 875355
| Field | Detail |
|---|---|
| Company | Lendway, Inc. (TULP) |
| Form Type | 8-K |
| Filed Date | Oct 1, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $1.0 million, $3.5 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: LDWY
TL;DR
Lendway (LDWY) signed a material deal creating a financial obligation. Details in 8-K.
AI Summary
Lendway, Inc. (formerly Insignia Systems Inc/MN) filed an 8-K on September 27, 2024, reporting a material definitive agreement and the creation of a direct financial obligation. The filing details are for the period ending September 27, 2024, with the report date as October 1, 2024. The company is incorporated in Delaware and its principal executive offices are located in Minneapolis, Minnesota.
Why It Matters
This 8-K filing indicates Lendway, Inc. has entered into a significant agreement that creates a financial obligation, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks or alter existing ones for a company.
Key Players & Entities
- Lendway, Inc. (company) — Registrant
- Insignia Systems Inc/MN (company) — Former Company Name
- September 27, 2024 (date) — Date of Earliest Event Reported
- October 1, 2024 (date) — Date of Report
- Delaware (jurisdiction) — State of Incorporation
- Minneapolis, Minnesota (location) — Address of Principal Executive Offices
FAQ
What type of material definitive agreement did Lendway, Inc. enter into?
The filing states that Lendway, Inc. entered into a 'Material Definitive Agreement' but does not specify the exact nature of the agreement within the provided text.
What is the nature of the direct financial obligation created by Lendway, Inc.?
The filing indicates the creation of a 'Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement' but does not provide specific details about the obligation itself in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on September 27, 2024.
What was Lendway, Inc.'s former company name?
Lendway, Inc.'s former company name was Insignia Systems Inc/MN.
Where are Lendway, Inc.'s principal executive offices located?
Lendway, Inc.'s principal executive offices are located at 5000 West 36th Street, Suite 220, Minneapolis, Minnesota, 55416.
Filing Stats: 759 words · 3 min read · ~3 pages · Grade level 9.4 · Accepted 2024-10-01 17:04:23
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share LDWY The Nasdaq Stock Mar
- $1.0 million — s agreed to advance up to an additional $1.0 million from time to time until August 15, 2026
- $3.5 million — e provides for total borrowing of up to $3.5 million to fund the Company's operations. As pr
Filing Documents
- ldwy_8k.htm (8-K) — 27KB
- ldwy_ex101.htm (EX-10.1) — 27KB
- 0001654954-24-012601.txt ( ) — 184KB
- ldwy-20240927.xsd (EX-101.SCH) — 6KB
- ldwy-20240927_lab.xml (EX-101.LAB) — 14KB
- ldwy-20240927_cal.xml (EX-101.CAL) — 1KB
- ldwy-20240927_pre.xml (EX-101.PRE) — 9KB
- ldwy-20240927_def.xml (EX-101.DEF) — 2KB
- ldwy_8k_htm.xml (XML) — 4KB
01. Entry into Material Definitive Agreement
Item 1.01. Entry into Material Definitive Agreement. On September 27, 2024, we entered into an Amended and Restated Delayed Draw Term Note (the " Amended Note ") with Air T, Inc. (the " Lender ") pursuant to which the Lender has agreed to advance up to an additional $1.0 million from time to time until August 15, 2026, but not on a revolving basis. The Amended Note provides for total borrowing of up to $3.5 million to fund the Company's operations. As previously disclosed, amounts outstanding under the Amended Note bear interest at a fixed rate of 8.0%, which may be increased by 3.0% upon certain events of default. The Amended Note remains scheduled to mature and all principal and accrued but unpaid interest will become due on August 15, 2029, subject to the Lender's right to demand payment on or after February 15, 2026. No closing or origination fees will be paid to the Lender. The Lender beneficially owns greater than 10% of our outstanding Common Stock and is a member of a group of stockholders that collectively owns approximately 40% of our outstanding common stock. Additionally, our current director and Co-Chief Executive Officer, Mark R. Jundt, serves as General Counsel and Corporate Secretary of the Lender, current director and Co-Chief Executive Officer, Daniel C. Philp, serves as Senior Vice President of Corporate development at the Lender, and current director, Nicholas J. Swenson, serves as President and Chief Executive Officer of the Lender and is himself a member of the stockholder group. The entry into the Amended Note was again approved in advance by the Audit Committee of our Board of Directors in accordance with our Related Person Transaction Approval Policy and by a vote of solely independent directors who have no relationship with the Lender. The foregoing description of the material terms of the Amended Note is each qualified by the text of the Amended Note, which is filed as Exhibit 10.1 to this Current Report, and incorporated by reference
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amended and Restated Delayed Draw Term Note with Air T, Inc., dated September 27, 2024 104 Cover Page Interactive Data File 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized. LENDWAY, INC. Date: October 1, 2024 By: /s/ Elizabeth E. McShane Elizabeth E. McShane Chief Financial Officer 3