LeddarTech Alters Terms of Credit Agreement and Bridge Loan Arrangement
In a recent press release, LeddarTech Holdings Inc., a global software company based in Quebec City, announced several amendments to their financial agreements. The company has entered into a Fifteenth Amending Agreement with Fédération des caisses Desjardins du Québec regarding the Desjardins Credit Facility, and a Third Amending Agreement with the initial bridge lenders regarding the Bridge Financing Offer.
The details of these agreements will be filed under LeddarTech's SEDAR+ and EDGAR profiles. The Bridge Financing Offer maturity has been extended to the earlier of February 28, 2025, and the business day following the Short-Term Outside Date. The agreement also temporarily reduces the minimum cash covenant under the Desjardins Credit Facility to C$1,000,000 until the earlier of the Short-Term Outside Date or February 28, 2025, and requires a minimum cash balance of C$5,000,000 at all times after such date.
In addition, the agreement temporarily postpones interest payment for July through December 2024 until the earlier of the Short-Term Outside Date or February 28, 2025. The payment of the monthly fees applicable for the month of August 2024 and for the months up until (and including) January 2025 is postponed to the earlier of the Short-Term Outside Date or February 28, 2025. The Fifteenth Amending Agreement to the Desjardins Credit Facility also includes a monthly payment by LeddarTech to Desjardins of C$125,000, payable on the first day of each month, until the Short-Term Outside Date.
LeddarTech is a pioneer in the development and provision of comprehensive AI-based low-level sensor fusion and perception software solutions for Advanced Driver-Assistance Systems (ADAS), autonomous driving (AD), and parking applications. Their automotive-grade software uses advanced AI and computer vision algorithms to generate accurate 3D models of the environment for better decision making and safer navigation.
The company holds over 170 patent applications (87 granted) that enhance ADAS, AD, and parking capabilities. Their technology is high-performance, scalable, and cost-effective, available to OEMs and Tier 1-2 suppliers for efficient implementation of automotive and off-road vehicle ADAS solutions.
LeddarTech aims to become the most widely adopted sensor fusion and perception software solution to make global mobility safer, more efficient, sustainable, and affordable. The company's stock is traded on Nasdaq under the ticker symbol LDTC.
Certain statements in the press release are forward-looking statements, which depend on future events and are subject to risks and uncertainties. The future performance of LeddarTech could differ materially from the forward-looking statements due to various factors, including access to sufficient capital and financing, compliance with debt covenants, execution on business model, successful commercialization of product offering, changes in general economic and industry-specific conditions, and other risks detailed in LeddarTech's reports filed with the U.S. Securities and Exchange Commission (SEC).
For more information about LeddarTech, visit their website, LinkedIn, Twitter, Facebook, and YouTube. The company was founded in 2007 and has R&D centres in Montreal and Tel Aviv, Israel. In February 2021, LeddarTech found the investment firm BDC Capital as a bridge financier.
LeddarTech Holdings Inc. is an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™. The company's mission is to empower the global mobility market with innovative and reliable sensing solutions for autonomous vehicles, transportation, and mobility services.
