Crown Crafts Enters Material Definitive Agreement
Ticker: CRWS · Form: 8-K · Filed: Jan 3, 2025 · CIK: 25895
Sentiment: neutral
Topics: material-agreement
Related Tickers: CRWS
TL;DR
Crown Crafts just signed a big deal, details TBD.
AI Summary
On January 2, 2025, Crown Crafts, Inc. entered into a material definitive agreement. The filing does not provide specific details about the agreement, such as the counterparty or the financial terms involved.
Why It Matters
This filing indicates a significant new contract or partnership for Crown Crafts, Inc., which could impact its future business operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing introduces uncertainty about the nature and impact of the agreement.
Key Players & Entities
- Crown Crafts, Inc. (company) — Registrant
- January 2, 2025 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Crown Crafts, Inc.?
The filing states that Crown Crafts, Inc. entered into a material definitive agreement on January 2, 2025, but does not specify the details of the agreement.
Who is the counterparty to this material definitive agreement?
The filing does not disclose the name of the other party involved in the material definitive agreement.
What are the key financial terms or obligations associated with this agreement?
The filing does not provide any information regarding the financial terms or obligations of the material definitive agreement.
When was this material definitive agreement officially entered into?
The earliest event reported, which is the entry into the material definitive agreement, occurred on January 2, 2025.
Does this agreement represent an acquisition, divestiture, or a new partnership?
The filing does not specify whether the material definitive agreement is an acquisition, divestiture, or a new partnership.
Filing Stats: 516 words · 2 min read · ~2 pages · Grade level 12 · Accepted 2025-01-03 16:03:09
Key Financial Figures
- $0.01 — ch registered Common Stock , par value $0.01 per share CRWS Nasdaq Capital Market
- $7,000,000.00 — credit under the Financing Agreement to $7,000,000.00 (from 50% of the outstanding balance of
Filing Documents
- crws20250103_8k.htm (8-K) — 24KB
- 0001437749-25-000209.txt ( ) — 152KB
- crws-20250102.xsd (EX-101.SCH) — 3KB
- crws-20250102_def.xml (EX-101.DEF) — 11KB
- crws-20250102_lab.xml (EX-101.LAB) — 15KB
- crws-20250102_pre.xml (EX-101.PRE) — 11KB
- crws20250103_8k_htm.xml (XML) — 3KB
01
Item 1.01 Entry into a Material Definitive Agreement. On January 2, 2025, Crown Crafts, Inc. (the "Company") and its subsidiaries entered into a letter agreement (the "Letter Agreement") with The CIT Group/Commercial Services, Inc. ("CIT") with respect to the Financing Agreement, dated July 11, 2006, between the Company, its subsidiaries and CIT, as supplemented, amended and restated from time to time (the "Financing Agreement"). Pursuant to the Letter Agreement, CIT waives the Company's non-compliance with the fixed charge coverage ratio required under the Financing Agreement with respect to the Company's fiscal quarters ended September 29, 2024 and December 29, 2024. In addition, the Letter Agreement modifies the Financing Agreement by changing the Excess Availability (as defined in the Financing Agreement) required to be maintained by the Company with respect to its revolving line of credit under the Financing Agreement to $7,000,000.00 (from 50% of the outstanding balance of the Company's term loan under the Financing Agreement). Upon notice to the Company, CIT may reverse such modification.
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 thereunto duly authorized. CROWN CRAFTS, INC. Date: January 3, 2025 /s/ Craig J. Demarest CRAIG J. DEMAREST Vice President and Chief Financial Officer