Catheter Precision, Inc. Enters Material Agreement
Ticker: VTAK · Form: 8-K · Filed: Jun 26, 2024 · CIK: 1716621
| Field | Detail |
|---|---|
| Company | Catheter Precision, Inc. (VTAK) |
| Form Type | 8-K |
| Filed Date | Jun 26, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $150,000, $500,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: CPCI
TL;DR
CPCI just signed a big deal, could be good or bad, need more info.
AI Summary
On June 26, 2024, Catheter Precision, Inc. entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The company is involved in the surgical and medical instruments and apparatus industry.
Why It Matters
This filing signals a significant new contractual commitment or financial arrangement for Catheter Precision, Inc., which could impact its future operations and financial standing.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement and financial obligations, which inherently carry risks that are not fully detailed in this initial report.
Key Players & Entities
- Catheter Precision, Inc. (company) — Registrant
- June 26, 2024 (date) — Date of earliest event reported
- 3841 (industry_code) — Standard Industrial Classification
- Ra Medical Systems, Inc. (company) — Former company name
FAQ
What is the nature of the material definitive agreement entered into by Catheter Precision, Inc. on June 26, 2024?
The filing states that Catheter Precision, Inc. entered into a material definitive agreement on June 26, 2024, but the specific details of this agreement are not provided in this summary.
What type of financial obligation has Catheter Precision, Inc. created?
The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant, but the specifics are not detailed here.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on June 26, 2024.
What was Catheter Precision, Inc. formerly known as?
Catheter Precision, Inc. was formerly known as Ra Medical Systems, Inc.
What industry does Catheter Precision, Inc. operate in?
Catheter Precision, Inc. operates in the Surgical & Medical Instruments & Apparatus industry, with SIC code 3841.
Filing Stats: 794 words · 3 min read · ~3 pages · Grade level 11.2 · Accepted 2024-06-26 16:20:53
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share VTAK NYSE American Indic
- $150,000 — Precision, Inc. (the "Company"), loaned $150,000 to the Company in exchange for the Note
- $500,000 — annum. This loan is in addition to the $500,000 loaned by Mr. Jenkins to the Company in
Filing Documents
- rmed_8k.htm (8-K) — 25KB
- rmed_ex101.htm (EX-10.1) — 33KB
- 0001654954-24-008238.txt ( ) — 190KB
- rmed-20240626.xsd (EX-101.SCH) — 6KB
- rmed-20240626_lab.xml (EX-101.LAB) — 14KB
- rmed-20240626_cal.xml (EX-101.CAL) — 1KB
- rmed-20240626_pre.xml (EX-101.PRE) — 9KB
- rmed-20240626_def.xml (EX-101.DEF) — 2KB
- rmed_8k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. 8% Short Term Promissory Note due August 30, 2024 (the "Note") On June 25, 2024, an entity controlled by David A. Jenkins, Executive Chair and Chief Executive Officer of Catheter Precision, Inc. (the "Company"), loaned $150,000 to the Company in exchange for the Note. The Note has a maturity date of August 30, 2024, and bears interest at the rate of 8% per annum. This loan is in addition to the $500,000 loaned by Mr. Jenkins to the Company in May 2024. The Note and the debt evidenced thereby, including all principal and interest, accelerate and become immediately due and payable upon the occurrence of certain customary events of default, including failure to pay amounts owing when due, material breach of representations or warranties by us (unless waived by Mr. Jenkins or cured within 10 days following notice) and/or certain events involving a discontinuation of our business or certain types of proceedings involving insolvency, bankruptcy, receivership and the like. In addition to his roles as a director and officer of the Company, Mr. Jenkins and his affiliates beneficially own over 10% of the common stock of the Company, Series X Preferred convertible into over 8 million shares of Company common stock (subject to certain conditions), stock options issued by the Company, and the rights to receive royalties on sales of our LockeT device equal to an aggregate 11.77% of net sales, as defined in the relevant agreements. Mr. Jenkins is a co-inventor of certain of our products and has previously assigned his rights in relation to those inventions to us. In addition, Missiaen Huck, Mr. Jenkins' adult daughter, serves as our non-executive chief operating officer. For additional information see also Certain Relationships and Related Party Transactions in our proxy statement filed May 16, 2024. The Note is expected to be repaid from any proceeds received by the Company in connection with its sale of securities purs
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 8% Short Term Promissory Note Due August 30, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document) 2
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. CATHETER PRECISION, INC. Date: June 26, 2024 By: /s/ Margrit Thomassen Margrit Thomassen Interim Chief Financial Officer 3