Catheter Precision Enters Loan Agreement
Ticker: VTAK · Form: 8-K · Filed: Jul 23, 2024 · CIK: 1716621
| Field | Detail |
|---|---|
| Company | Catheter Precision, Inc. (VTAK) |
| Form Type | 8-K |
| Filed Date | Jul 23, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $100,000, $500,000, $400,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-financing, material-definitive-agreement
TL;DR
Catheter Precision just signed a new loan agreement, potentially boosting their cash flow.
AI Summary
On July 18, 2024, Catheter Precision, Inc. entered into a material definitive agreement, specifically a loan and security agreement with an unnamed lender. This agreement creates a direct financial obligation for the company, with specific terms and conditions detailed within the filing.
Why It Matters
This filing indicates Catheter Precision, Inc. has secured new financing, which could impact its operational capacity and financial structure.
Risk Assessment
Risk Level: medium — Entering into new debt agreements carries inherent financial risks and obligations for the company.
Key Players & Entities
- Catheter Precision, Inc. (company) — Registrant
- July 18, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 001-38677 (filing_id) — SEC File Number
- 38-3661826 (tax_id) — IRS Employer Identification No.
- 1670 Highway 160 West Suite 205 Fort Mill , SC 29708 (address) — Business Address
FAQ
What is the specific nature of the material definitive agreement entered into by Catheter Precision, Inc. on July 18, 2024?
The agreement is a loan and security agreement.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is July 18, 2024.
In which state is Catheter Precision, Inc. incorporated?
Catheter Precision, Inc. is incorporated in Delaware.
What is the SEC file number for Catheter Precision, Inc.?
The SEC file number is 001-38677.
What is the business address of Catheter Precision, Inc. as listed in the filing?
The business address is 1670 Highway 160 West Suite 205 Fort Mill, SC 29708.
Filing Stats: 814 words · 3 min read · ~3 pages · Grade level 11.1 · Accepted 2024-07-23 16:20:33
Key Financial Figures
- $0.0001 — ch registered Common Stock , par value $0.0001 per share VTAK NYSE American Indica
- $100,000 — Precision, Inc. (the "Company"), loaned $100,000 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
- $400,000 — kins to the Company in May 2024 and the $400,000 loaned by an entity controlled by Mr. J
Filing Documents
- rmed_8k.htm (8-K) — 28KB
- rmed_ex101.htm (EX-10.1) — 36KB
- 0001654954-24-009309.txt ( ) — 196KB
- rmed-20240718.xsd (EX-101.SCH) — 6KB
- rmed-20240718_lab.xml (EX-101.LAB) — 14KB
- rmed-20240718_cal.xml (EX-101.CAL) — 1KB
- rmed-20240718_pre.xml (EX-101.PRE) — 9KB
- rmed-20240718_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 18, 2024, an entity controlled by David A. Jenkins, Executive Chair and Chief Executive Officer of Catheter Precision, Inc. (the "Company"), loaned $100,000 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 $400,000 loaned by an entity controlled by Mr. Jenkins to the Company in June 2024 & July 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 800,000 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
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 23, 2024 By: /s/ Margrit Thomassen Margrit Thomassen Interim Chief Financial Officer 3