- Current report filing (8-K)
14 August 2010 - 1:56AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (date of earliest reported) August 9, 2010
OTIX
GLOBAL, INC.
(Exact
name of registrant as specified in its charter)
DELAWARE
|
|
000-30335
|
|
87-0494518
|
(State
or other jurisdiction of
incorporation
or organization)
|
|
(Commission
file number)
|
|
(I.R.S.
Employer
Identification
No.)
|
4246
South Riverboat Road, Suite 300
Salt
Lake City, UT 84123
(Address
of principal executive offices)
(801)
312-1700
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
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Written Communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
¨
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM 1.01
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Entry
into a Material Definitive Agreement or Amendment to a Material Definitive
Agreement
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In
April 2007, Otix Global, Inc. (the “Company”) entered into a Loan and
Security Agreement with Silicon Valley Bank (“SVB”), providing for a revolving
credit facility, under which borrowings of up to $6.0 million were available.
The credit facility is secured by substantially all the Company's tangible
assets in the United States with a requirement that the Company not pledge the
remaining assets without SVB’s approval.
On
March 10, 2010, the Company and SVB entered into a Second Amendment to the
Amended and Restated Loan and Security Agreement with SVB, to renew and extend
the revolving credit facility to April 11, 2011.
On August
9, 2010, the Company finalized the Second Amended and Restated Loan and Security
Agreement with SVB, under which borrowing availability was reduced to $4.0
million. The reduction eliminated the ability to borrow $2.0 million using
unrestricted cash of the Company held at SVB as collateral. SVB amended the
financial covenants to remove the EBITDA requirement, include a minimum
liquidity ratio of 1.50 to 1.00 and include a minimum tangible net worth
requirement of $5.5 million. Borrowings under the credit facility are subject to
interest at the domestic prime rate. If the adjusted quick ratio is greater than
or equal to 1.00, then the interest rate is the prime rate plus 1.00 percentage
points; if the adjusted quick ratio is less than 1.00, the interest rate is the
prime rate plus 1.50 percentage points.
ITEM 9.01
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Financial
Statements and Exhibits.
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(d)
Exhibits.
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99.1
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Second
Amended and Restated Loan and Security Agreement signed August 9,
2010.
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SIGNATURE
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 duly
authorized.
Dated:
August 12, 2010
OTIX
GLOBAL, INC.
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Michael
M. Halloran
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Vice
President and Chief Financial
Officer
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