LeddarTech Obtains Additional Waiver Under Credit Facility
29 July 2024 - 11:00PM
LeddarTech Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq:
LDTC), an automotive software company that provides patented
disruptive AI-based low-level sensor fusion and perception software
technology, LeddarVision™, for ADAS, AD and parking applications,
announces it entered into a Tenth Amending Agreement (the “Waiver”)
with Fédération des caisses Desjardins du Québec (“Desjardins”)
with respect to the Amended and Restated Financing Offer dated as
of April 5, 2023 (as amended, the “Desjardins Credit Facility”). As
previously announced by the Company on July 5, 2024, pursuant to a
Ninth Amending Agreement to the Desjardins Credit Facility, the
Company was required to maintain an unencumbered cash balance (the
“Minimum Cash Covenant”) of C$3.5 million from July 5, 2024 through
July 6, 2024, and C$1.8 million from July 7, 2024 through July 26,
2024. Pursuant to the Waiver, among other things, Desjardins has
temporarily reduced the required Minimum Cash Covenant to C$1.3
million from July 26, 2024 through August 5, 2024, after which time
the Company will be obligated to maintain a minimum cash balance of
C$5.0 million.
The foregoing description of the Waiver does not
purport to be complete and is qualified in its entirety by
reference to the Waiver, a copy of which has been filed under the
Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and
www.sec.gov, respectively. The foregoing also should be read in
conjunction with the disclosures set forth in the Company’s Annual
Report on Form 20-F for the year ended September 30, 2023 as filed
with the Securities and Exchange Commission and under the Company’s
SEDAR+ profile on January 31, 2024, including the disclosures set
forth under “Item 3.D – Key Information – Risk Factors” contained
therein.
The Company continues to progress its
discussions with several of its principal shareholders and other
potential investors to secure the financing described in the
Company’s press release issued on July 5, 2024, which may include
funding to meet near term obligations while the Company continues
to seek to close the larger financing (collectively, the “Financing
Transaction”). There can be no assurance that such existing
shareholders or other potential investors will invest any amount in
the Financing Transaction, or that the Company will successfully
complete the Financing Transaction at all. Any debt or equity
securities to be offered and sold in the Financing Transaction may
not be registered under the Securities Act of 1933, as amended, or
state securities laws and may not be offered or sold in the United
States absent registration with the Securities and Exchange
Commission or an applicable exemption from such registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any securities in the
Financing Transaction, nor shall there be any sale of such
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction.
About LeddarTech
A global software company founded in 2007 and
headquartered in Quebec City with additional R&D centers in
Montreal and Tel Aviv, Israel, LeddarTech develops and provides
comprehensive AI-based low-level sensor fusion and perception
software solutions that enable the deployment of ADAS, autonomous
driving (AD) and parking applications. LeddarTech’s
automotive-grade software applies advanced AI and computer vision
algorithms to generate accurate 3D models of the environment to
achieve better decision making and safer navigation. This
high-performance, scalable, cost-effective technology is available
to OEMs and Tier 1-2 suppliers to efficiently implement automotive
and off-road vehicle ADAS solutions.
LeddarTech is responsible for several
remote-sensing innovations, with over 160 patent applications
(87 granted) that enhance ADAS, AD and parking capabilities. Better
awareness around the vehicle is critical in making global mobility
safer, more efficient, sustainable and affordable: this is what
drives LeddarTech to seek to become the most widely adopted sensor
fusion and perception software solution.
Additional information about LeddarTech is
accessible at www.LeddarTech.com and on LinkedIn, Twitter (X),
Facebook and YouTube.
Contact:
Daniel Aitken, Vice-President, Global Marketing,
Communications and Investor Relations, LeddarTech Holdings Inc.
Tel.: + 1-418-653-9000 ext. 232 daniel.aitken@LeddarTech.com
- Investor relations
website: investors.LeddarTech.com
- Investor relations
contact: Kevin Hunt, ICR Inc. kevin.hunt@icrinc.com
- Financial media
contact: Dan Brennan, ICR Inc. dan.brennan@icrinc.com
Leddar, LeddarTech, LeddarVision, LeddarSP,
VAYADrive, VayaVision and related logos are trademarks or
registered trademarks of LeddarTech Holdings Inc. and its
subsidiaries. All other brands, product names and marks are or may
be trademarks or registered trademarks used to identify products or
services of their respective owners.
LeddarTech Holdings Inc. is a public company
listed on the Nasdaq under the ticker symbol “LDTC.”
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