Voxware 8-K 2009
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF
Date of report (Date of earliest event reported): September 9, 2009
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 1.01. Entry into a Material Definitive Agreement.
On September 9, 2009, Voxware, Inc., a Delaware corporation (the Company), entered into a Seventh Loan Modification Agreement (the SLMA) with Silicon Valley Bank (SVB) that amends the Companys existing $1.5 million revolving line of credit (the Revolver). Pursuant to the SLMA, amounts outstanding under the Revolver will now bear interest at a rate equal to the prime rate of interest, plus 2.25% subject to reduction to prime plus 1.25% if the Company is in a Streamline Period, defined as the period commencing on the first day of the month in which the Companys average daily unrestricted and unencumbered cash held at SVB plus amounts available under the Revolver exceed $3.5 million and ending on the earlier of an event of default (as defined in the SLMA) and the first day in which the Companys average daily unrestricted and unencumbered cash held at SVB plus amounts available under the Revolver are less than $3.5 million. In addition, the SLMA establishes revised covenants for future minimum levels of liquidity of $2.5 million. Consistent with the existing credit facility, Verbex Acquisition Corporation, a Delaware corporation and wholly owned subsidiary of the Company (Verbex), continues to be obligated to SVB under an existing guaranty and security agreement in favor of SVB. Under the SLMA, the maturity date of the Revolver is July 30, 2010.
Item 9.01 Financial Statements and Exhibits.
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.
Dated: September 15, 2009