Lendway, Inc. Enters Material Definitive Agreement
Ticker: TULP · Form: 8-K · Filed: Oct 22, 2024 · CIK: 875355
| Field | Detail |
|---|---|
| Company | Lendway, Inc. (TULP) |
| Form Type | 8-K |
| Filed Date | Oct 22, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $6,000,000, $8,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Lendway just signed a big deal, creating a new financial obligation.
AI Summary
On October 16, 2024, Lendway, Inc. entered into a material definitive agreement. This agreement also created a direct financial obligation for the registrant. The filing includes financial statements and exhibits related to this event.
Why It Matters
This filing indicates a significant new financial commitment or partnership for Lendway, Inc., which could impact its future financial performance and operations.
Risk Assessment
Risk Level: medium — Entering into a material definitive agreement and creating a direct financial obligation can introduce new financial risks and operational complexities.
Key Players & Entities
- Lendway, Inc. (company) — Registrant
- October 16, 2024 (date) — Date of Earliest Event Reported
- Delaware (jurisdiction) — State of Incorporation
- Minneapolis, Minnesota (location) — Principal Executive Office Address
FAQ
What type of material definitive agreement did Lendway, Inc. enter into?
The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on October 16, 2024.
What is the nature of the direct financial obligation created?
The filing states that a direct financial obligation was created but does not provide specific details about its terms or amount.
When was the agreement reported?
The report was filed as of October 22, 2024, with the earliest event reported on October 16, 2024.
What is Lendway, Inc.'s principal executive address?
Lendway, Inc.'s principal executive address is 5000 West 36th Street, Suite 220, Minneapolis, Minnesota 55416.
What is Lendway, Inc.'s former company name?
Lendway, Inc.'s former company name was Insignia Systems Inc/MN, with a name change date of March 28, 1993.
Filing Stats: 642 words · 3 min read · ~2 pages · Grade level 9.2 · Accepted 2024-10-22 17:00:25
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share LDWY The Nasdaq Stock Mar
- $6,000,000 — capacity was temporarily increased from $6,000,000 to $8,000,000 and the definition of eli
- $8,000,000 — emporarily increased from $6,000,000 to $8,000,000 and the definition of eligible inventor
Filing Documents
- ldwy_8k.htm (8-K) — 26KB
- ldwy_ex101.htm (EX-10.1) — 61KB
- 0001654954-24-013228.txt ( ) — 221KB
- ldwy-20241016.xsd (EX-101.SCH) — 6KB
- ldwy-20241016_lab.xml (EX-101.LAB) — 14KB
- ldwy-20241016_cal.xml (EX-101.CAL) — 1KB
- ldwy-20241016_pre.xml (EX-101.PRE) — 9KB
- ldwy-20241016_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 October 16, 2024, Lendway, Inc. (the " Company "), as parent guarantor, entered into a First Amendment to the existing Credit Agreement dated February 20, 2024, together with the TULP 24.1, LLC as borrower, and each of Tulipa Acquisitie Holding B.V., Bloomia B.V., and Fresh Tulips USA, LLC, as guarantors, with Associated Bank, N.A., as agent for itself and the other lenders from time-to-time party thereto (the " Agent "). Under the Credit Agreement as amended (the " Credit Agreement "), among other things, the revolving facility capacity was temporarily increased from $6,000,000 to $8,000,000 and the definition of eligible inventory was temporarily expanded to include inventory in the Netherlands, in each case until March 31, 2025, the senior cash flow leverage ratio covenant levels were revised and the Company granted a security interest in certain cash collateral of the Company held with the Agent to secure the obligations under the Credit Agreement. The foregoing description of the material terms of the Credit Agreement is qualified by the text of the Credit Agreement, which is filed as Exhibit 10.1 to this Current Report, and incorporated by reference into this Item 1.01. Item 2.03. Creation of A Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure set forth in Item 1.01 is incorporated into this Item 2.03 by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 First Amendment to Credit Agreement, dated October 16, 2024, by and among the Company, TULP 24.1, LLC, Tulipa Acquisite Holding B.V., Bloomia B.V., Fresh Tulips USA, LLC, and Associated Bank. N.A., a national banking association 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 22, 2024 By: /s/ Elizabeth E. McShane Elizabeth E. McShane Chief Financial Officer 3