Item 1.01. Entry into a Material Definitive Agreement.
On April 18, 2022, Summer Infant, Inc. (the "Company") and its wholly owned
subsidiary, Summer Infant (USA), Inc. ("Summer USA"), entered into Amendment
No. 2 to the Loan and Security Agreement dated as of January 28, 2022, as
amended by Amendment No. 1 dated as of March 16, 2022, among the Company and
Summer USA. as borrowers, the guarantors from time to time party thereto,
Wynnefield Partners Small Cap Value, L.P. and Wynnefield Partners Small Cap
Value, L.P. I, as lenders, and Wynnefield Capital, Inc., as agent for the
lenders (the "Amendment"). The Amendment modified the borrowing terms to
(i) permit the Company to request a standby term loan if, on the date of notice
of borrowing and the date of the borrowing, the borrowing base certificate
delivered pursuant to the Company's existing loan and security agreement with
Bank of America reflects availability (as defined in such agreement) equal to or
less than $5,500,000 and (ii) reduce the period of time between borrowing
requests from 30 days to 5 days, provided that, at all times prior to May 15,
2022, the aggregate principal amount of standby term loans shall not exceed
$4,000,000. In connection with the Amendment, the Company requested and received
additional borrowings of $1,000,000. The foregoing summary of the Amendment does
not purport to be complete and is qualified in its entirety by reference to the
full text of the agreement, a copy of which is filed herewith as Exhibit 10.1
and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
Number
10.1 Amendment No. 2 to Loan and Security Agreement, dated as of April 18,
2022, among Summer Infant, Inc. and Summer Infant (USA), Inc. as
borrowers, the guarantors from time to time party thereto, the
financial institutions from time to time party thereto as lenders, and
Wynnefield Capital, Inc., as agent and security trustee for the
lenders
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
© Edgar Online, source Glimpses