SkyWater Technology Enters Material Definitive Agreement

TL;DR

SkyWater signed a big deal, details TBD.

AI Summary

SkyWater Technology, Inc. announced on November 19, 2024, that it entered into a Material Definitive Agreement. The filing does not provide specific details on the agreement, its counterparty, or any associated financial figures.

Why It Matters

This filing indicates a significant new contract or partnership for SkyWater Technology, which could impact its future revenue and operational direction.

Risk Assessment

Risk Level: medium — The lack of specific details in the 8-K filing regarding the material definitive agreement introduces uncertainty about its nature and potential impact.

Key Players & Entities

• SkyWater Technology, Inc. (company) — Registrant
• November 19, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 SKYT The Nasdaq Stock Market Indic
• $100 million — ving facility amount was increased from $100 million to $130 million, with each lender havin
• $130 m — ount was increased from $100 million to $130 million, with each lender having a 50% to
• $30 million — revolving loan commitment percentage. A $30 million incremental facility remains available,
• $25 million — % capex advance rate (not to exceed the $25 million capex sublimit) and the capex reserves.
• $60 m — eduction, and the equipment sublimit is $60 million, without the previous monthly rec

Filing Documents

• d866116d8k.htm (8-K) — 31KB
• d866116dex101.htm (EX-10.1) — 725KB
• 0001193125-24-264686.txt ( ) — 1060KB
• skyt-20241119.xsd (EX-101.SCH) — 3KB
• skyt-20241119_lab.xml (EX-101.LAB) — 18KB
• skyt-20241119_pre.xml (EX-101.PRE) — 11KB
• d866116d8k_htm.xml (XML) — 4KB

01

Item 1.01 Entry Into a Material Definitive Agreement. On November 19, 2024, SkyWater Technology, Inc. (the "Company" or "Guarantor") and its subsidiaries, SkyWater Technology Foundry, Inc., SkyWater Federal, LLC and SkyWater Florida, Inc. (collectively, the "Borrowers") entered into an Amendment No. 1 to Loan and Security Agreement (the "Amendment") with Siena Lending Group LLC, as agent (the "Agent") for Siena Lending Group LLC and GRC SPV Investments, LLC and the other financial institutions party to the Loan Agreement from time to time (the "Lenders"). The Amendment amends, effective November 19, 2024, that certain Loan and Security Agreement dated as of December 28, 2022 (the "Loan Agreement") by and among the Agent, the Lenders, the Borrowers, and the Guarantor such that immediately after giving effect to the Amendment, the Loan Agreement will read as set forth in Annex A to the Amendment. Attached hereto as Exhibit 10.1, and incorporated herein by reference, is the Amendment, including Annex A. Pursuant to the Amendment, the scheduled maturity date of the revolving loan commitment was extended from December 28, 2025 to December 31, 2028. As reflected in the Amendment, the maximum revolving facility amount was increased from $100 million to $130 million, with each lender having a 50% total revolving loan commitment percentage. A $30 million incremental facility remains available, subject to satisfaction of the conditions listed in the Loan Agreement. Following the Amendment, the borrowing base is increased by the difference between hard costs of eligible new equipment multiplied by the 70% capex advance rate (not to exceed the $25 million capex sublimit) and the capex reserves. This borrowing base difference may be borrowed by the Borrowers as a capex loan. As of the effective date of the Amendment, the capex reserves are initially zero, subject to recalculation on the first day of each month, up to a maximum of $25 million. Pursuant to the Amendment

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits The following documents are filed as exhibits to this report: Exhibit No. Description of Exhibit 10.1 Amendment No. 1 to Loan and Security Agreement, dated as of November 19, 2024, among Siena Lending Group LLC, as Agent; Siena Lending Group LLC and GRC SPV Investments, LLC, as Lenders; SkyWater Technology Foundry, Inc., SkyWater Federal, LLC and SkyWater Florida, Inc., as Borrowers; and SkyWater Technology, Inc., as Guarantor, including Annex A thereto which is that certain Loan and Security Agreement, dated as of December 28, 2022, as amended November 19, 2024. 104 Cover Page Interactive Data File (formatted as inline XBRL). * This filing excludes certain schedules and exhibits pursuant to Item 601(a)(5) of Regulation S-K, which SkyWater Technology, Inc. agrees to furnish supplementally to the Securities and Exchange Commission upon request by the Commission. 2 SIGNATURE 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, thereunto duly authorized. SkyWater Technology, Inc. By: /s/ Thomas J. Sonderman Thomas J. Sonderman Chief Executive Officer Date: November 25, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR