Entry into a Material Definitive Agreement.
As previously disclosed in the Current Report on Form 8-K filed by Revolution Lighting
Technologies, Inc. (the “Company”) on May 6, 2019, the Company
previously entered into a Second Amendment to Forbearance Agreement
and Sixteenth Amendment (the “Sixteenth Amendment”) to its loan and
security agreement (the “Loan Agreement”) with Bank of America N.A.
(“Bank of America”). Under the terms of the Sixteenth Amendment,
Bank of America agreed to forebear, until July 31, 2019, from
exercising its rights and remedies as a result of breaches of
certain covenants under the Loan Agreement.
On July 30, 2019, Bank of America approved an extension of the
forbearance period under the Sixteenth Amendment from July 31,
2019 to August 15, 2019. All of the other terms and conditions
of the Loan Agreement and the Sixteenth Amendment remain in full
force and effect. If the Company is not able to obtain a further
amendment of the Loan Agreement or extend the forbearance, all
principal, interest and other amounts outstanding under the Loan
Agreement will become due and payable upon the earlier of 5 p.m. on
August 15, 2019 or any Termination Event (as defined in the
Loan Agreement, as amended).
The Company is working with Bank of America to further amend the
Loan Agreement to provide for ongoing borrowing availability and a
continuing forbearance following August 15, 2019. However,
there can be no assurance that the Company will obtain such an
Except for statements of historical fact, the matters discussed
herein are “forward-looking statements” within the meaning of the
applicable securities laws and regulations. The words “expects,”
“believes,” “are intended,” “plans,” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
Forward-looking statements, including statements regarding further
amendments to the Loan Agreement and future borrowing under the
Loan Agreement, involve risks and uncertainties that may cause
actual results to differ materially from those stated here as a
result of various factors. Factors that could cause actual results
to differ materially from those in the forward-looking statements
include, but are not limited to, the risks described in the
Company’s filings with the Securities and Exchange Commission.
Forward-looking statements reflect the views of the Company’s
management as of the date hereof. Readers are cautioned not to
place undue reliance on these forward-looking statements. The
Company does not undertake to revise these statements to reflect