SEC Form 8-K filed by Ballantyne Strong Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On January 19, 2024, FG Holdings Quebec Inc. (f/k/a Strong/MDI Screen Systems Inc.) (the “Borrower”), a wholly-owned subsidiary of FG Group Holdings Inc., and Canadian Imperial Bank of Commerce (the “Lender”) together entered into a second amendment (the “Amendment”) to the Credit Agreement dated January 13, 2023 (as previously amended, the “2023 Credit Agreement”).
Prior to the Amendment, the 2023 Credit Agreement provided for a revolving line of operating credit in a maximum aggregate principal amount of CDN$3.4 million, subject to certain conditions set forth in the 2023 Credit Agreement (the “Line of Credit”), a 20-year demand installment loan in the aggregate principal amount of CDN$3.1 million (the “Installment Loan”), and a business credit card line with a credit limit of CDN$75,000 (the “Credit Card Line” and together with the Line of Credit and Installment Loan, the “Credit Facilities”). Pursuant to the Amendment, (i) the credit limit for the Line of Credit was reduced to CDN$1.4 million, (ii) the Credit Card Line was removed, (iii) reporting requirements and a negative covenant are added, and (iv) the Lender’s security interest in certain assets of the Borrower securing the Credit Facilities was removed in exchange for a guarantee from Strong Global Entertainment Inc. with respect to all liabilities of the Borrower to Lender.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 10.1 | Amendment #2 to the Credit Agreement dated January 13, 2023, between FG Holdings Quebec Inc. and Canadian Imperial Bank of Commerce, dated January 19, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FG GROUP HOLDINGS INC. | ||
| Date: January 23, 2024 | By: | /s/ Todd R. Major |
| Todd R. Major | ||
| Chief Financial Officer | ||