WaveDancer Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits

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Form 8-K

 

 

Date of Report (Date of earliest event reported): June 10, 2024

 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

On June 10, 2024, with an effective date of June 7, 2024, WaveDancer, Inc. and its wholly-owned subsidiary Tellenger, Inc. (collectively the “Borrowers”) executed a Change of Terms (“CIT”) to the Commercial Line of Credit Agreement and Note dated April 16, 2021, as amended on September 11, 2023 (the “LOC Agreement”), with Summit Community Bank, a division of Burke & Herbert Bank & Trust (the “Lender”). Through prior agreements with the Lender the LOC Agreement expired on May 16, 2024. Prior to the execution of the CIT, the amount due to the Lender was $500,000.

 

In connection with such CIT, the maturity date was extended to July 16, 2024 in consideration of the Borrowers making a principal curtailment of $100,000 and paying an extension fee of $2,500, and making an additional $100,000 payment by June 28, 2024 plus an additional $4,000 extension fee.

 

A copy of the CIT is filed as exhibit 10.1.

 

 

 

 

 

 

 

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.