Catheter Precision Enters Material Definitive Agreement
Ticker: VTAK · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1716621
| Field | Detail |
|---|---|
| Company | Catheter Precision, Inc. (VTAK) |
| Form Type | 8-K |
| Filed Date | Jul 1, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $250,000, $500,000, $150,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
Related Tickers: CPCI
TL;DR
CPCI just signed a big deal, could mean new money or obligations.
AI Summary
On July 1, 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 filing includes financial statements and exhibits.
Why It Matters
This filing signals a significant new contract or financial commitment for Catheter Precision, Inc., which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Material definitive agreements and new financial obligations can introduce both opportunities and risks, depending on the specific terms not detailed in this summary filing.
Key Players & Entities
- Catheter Precision, Inc. (company) — Registrant
- July 1, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Catheter Precision, Inc. on July 1, 2024?
The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on July 1, 2024.
What type of financial obligation has Catheter Precision, Inc. created?
The filing states the creation of a 'Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement' but does not provide specific details.
What is the company's former name and when did it change?
The company's former name was Ra Medical Systems, Inc., and the name change occurred on September 8, 2017.
Where is Catheter Precision, Inc. headquartered?
Catheter Precision, Inc. is located at 1670 Highway 160 West, Suite 205, Fort Mill, SC 29708.
What is the SIC code for Catheter Precision, Inc.?
The Standard Industrial Classification (SIC) code for Catheter Precision, Inc. is 3841, which corresponds to Surgical & Medical Instruments & Apparatus.
Filing Stats: 810 words · 3 min read · ~3 pages · Grade level 11.2 · Accepted 2024-07-01 16:18:19
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share VTAK NYSE American Indic
- $250,000 — Precision, Inc. (the "Company"), loaned $250,000 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
- $150,000 — kins to the Company in May 2024 and the $150,000 loaned by an entity controlled by Mr. J
Filing Documents
- rmed_8k.htm (8-K) — 28KB
- rmed_ex101.htm (EX-10.1) — 36KB
- 0001654954-24-008484.txt ( ) — 196KB
- rmed-20240701.xsd (EX-101.SCH) — 6KB
- rmed-20240701_lab.xml (EX-101.LAB) — 14KB
- rmed-20240701_cal.xml (EX-101.CAL) — 1KB
- rmed-20240701_pre.xml (EX-101.PRE) — 9KB
- rmed-20240701_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 July 1, 2024, an entity controlled by David A. Jenkins, Executive Chair and Chief Executive Officer of Catheter Precision, Inc. (the "Company"), loaned $250,000 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 and the $150,000 loaned by an entity controlled by Mr. Jenkins to the Company in June 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 repai
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: July 1, 2024 By: /s/ Margrit Thomassen Margrit Thomassen Interim Chief Financial Officer 3