Streamline Health Solutions Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits

false 0001008586 0001008586 2024-11-13 2024-11-13

 

 

 

 

 

 

Date of Report (Date of earliest event reported): November 13, 2024

 

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Item 1.01.         Entry into a Material Definitive Agreement.

 

The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.

 

Item 2.03.         Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

On November 13, 2024, Streamline Health Solutions, Inc. (the “Company”) and certain of its subsidiaries entered into a Fifth Modification (the “Fifth Modification”) to Second Amended and Restated Loan and Security Agreement (as amended and supplemented, the “Loan and Security Agreement”) with Western Alliance Bank (“WAB”). The Fifth Modification amended certain financial covenants in the Loan and Security Agreement, including updating the definition of adjusted EBITDA and the maximum ARR net leverage ratio and minimum adjusted EBITDA thresholds.

 

The Fifth Modification also requires the Company to pay certain fees to WAB in connection with the extension of credit and subsequent repayment of obligations due to WAB under the Loan and Security Agreement. The foregoing fees, if any, will be due and payable on the earlier of (i) August 26, 2026, and (ii) the date on which the Company repays in full all obligations due to WAB under the Loan and Security Agreement.

 

The Loan and Security Agreement also includes negative covenants, subject to exceptions, which limit transfers, capital expenditures, indebtedness, certain liens, investments, acquisitions, dispositions of assets, restricted payments and the business activities of the Company, as well as customary representations and warranties, affirmative covenants and events of default, including cross defaults and a change of control default.

 

The foregoing description of the terms of the Fifth Modification does not purport to be complete and is qualified in its entirety by reference to the full text of the Fifth Modification, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

 

Item 9.01         Financial Statements and Exhibits.

 

 

 

* Filed herewith

+ Certain portions of this exhibit (indicated by “[***]”) have been omitted pursuant to Item (601)(b)(10) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted information to the Securities and Exchange Commission or its staff upon request.

 

 

 

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.