LeddarTech Enters Into Further Amendments to Credit Facility and Bridge Financing Offer and Announces Receipt of Nasdaq Deficiency Notice
QUEBEC CITY, Canada, April 01, 2025 (GLOBE NEWSWIRE) -- LeddarTech® Holdings Inc. ("LeddarTech") (NASDAQ:LDTC), an automotive software company that provides patented disruptive AI-powered low-level sensor fusion and perception software technology, LeddarVision™, today announced that it has entered into:
a seventeenth amending agreement (the "Seventeenth Amending Agreement") with Fédération des caisses Desjardins du Québec ("Desjardins") with respect to the amended and restated financing offer dated as of April 5, 2023 (the "Desjardins Credit Facility"), pursuant to which Desjardins has agreed to, among other things, (i) temporarily postpone payment of interest for the months of July through December 2024 until the earlier of (x) the date of the final disbursement of one or several equity investments in the borrower for minimum gross proceeds amount of US$35,000,000 in the aggregate (the "Short-Term Outside Date"), and (y) May 23, 2025; and (ii) decrease the minimum cash covenant under the Desjardins Credit Facility to C$1,800,000;
a fifth amending agreement (the "Fifth Amending Agreement") with the initial bridge lenders and certain members of management and the board of directors (collectively, the "Bridge Lenders") with respect to the bridge financing offer dated as of August 16, 2024 (the "Bridge Financing Offer") pursuant to which the Bridge Lenders have agreed to, among other things, extend the maturity of the bridge loan to the earlier of (x) May 23, 2025 and (y) the business day following the Short-Term Outside Date.
The Seventeenth Amending Agreement to the Desjardins Credit Facility and the Fifth Amending Agreement to the Bridge Financing Offer also provide that LeddarTech must initiate and produce a plan at the satisfaction of Desjardins and the other initial Bridge Lenders regarding a refinancing, recapitalization or any suitable transaction (the "Plan"). LeddarTech continues to fully consider all potential sources of financing and/or other alternatives. There is no certainty that LeddarTech will be able to raise additional funds and there can be no assurance that LeddarTech will be successful in pursuing and implementing any such alternatives (including the Plan), nor any assurance as to the outcome or timing of any such alternatives.
In addition, the Seventeenth Amending Agreement to the Desjardins Credit Facility provides for a monthly payment by LeddarTech to Desjardins of C$125,000, which monthly fee is earned and payable on the first day of each month, until the Short-Term Outside Date, which must occur on or prior to May 23, 2025. The payment of the monthly fees applicable for the month of August 2024 and for the months up until (and including) January 2025 is postponed to the earlier of (x) the Short-Term Outside Date and (y) May 23, 2025.
The foregoing descriptions of the Seventeenth Amending Agreement to the Desjardins Credit Facility and the Fifth Amending Agreement to the Bridge Financing Offer do not purport to be complete and are qualified in their entirety by reference to such amendments, copies ...
https://www.benzinga.com/pressreleases/25/04/g44582298/leddartech-enters-into-further-amendments-to-credit-facility-and-bridge-financing-offer-and-announ
