Voxware 8-K 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 23, 2010
(Exact Name of Registrant as Specified in Charter)
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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 August 23, 2010, Voxware, Inc., a Delaware corporation (the “Company”), entered into an Eighth Loan Modification Agreement (the “ELMA”) with Silicon Valley Bank (“SVB”) that amends the Company’s existing $1.5 million revolving line of credit (the “Revolver”). Pursuant to the ELMA, amounts outstanding under the Revolver will continue to 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,” now defined as the period commencing on the first day of the month in which the Company’s average daily unrestricted and unencumbered cash held at SVB plus amounts available under the Revolver exceed $3.0 million and ending on the earlier of an event of default (as defined in the ELMA) and the first day in which the Company’s average daily unrestricted and unencumbered cash held at SVB plus amounts available under the Revolver are less than $3.0 million. In addition, the ELMA establishes revised covenants for future minimum levels of liquidity of $2.0 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 ELMA, the maturity date of the Revolver is extended to July 29, 2011.
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.