LeddarTech Modifies Credit Agreement and Offers for Bridge Financing
LeddarTech Holdings Inc., a global software company headquartered in Quebec City, has made significant strides in both its technology and financial landscape. The company, listed on Nasdaq under the ticker symbol LDTC, specializes in developing and providing comprehensive AI-based low-level sensor fusion and perception software solutions for Advanced Driver-Assistance Systems (ADAS), autonomous driving (AD), and parking applications.
LeddarTech's automotive-grade software uses advanced AI and computer vision algorithms to generate accurate 3D models of the environment, enhancing decision-making and ensuring safer navigation. This technology is high-performance, scalable, and cost-effective, available to Original Equipment Manufacturers (OEMs) and Tier 1-2 suppliers for the efficient implementation of automotive and off-road vehicle ADAS solutions.
In a recent development, LeddarTech has announced its first OEM design win, marking a significant milestone in its growth. However, the final terms in definitive agreements are yet to be agreed upon.
On the financial front, LeddarTech has entered into two amending agreements. The Sixteenth Amending Agreement with Fédération des caisses Desjardins du Québec regards the Desjardins Credit Facility. This agreement temporarily postpones interest payment for July through December 2024 until the earlier of the Short-Term Outside Date or March 31, 2025. It also increases the minimum cash covenant under the Desjardins Credit Facility to C$7,000,000.
The Fourth Amending Agreement, on the other hand, extends the maturity of the bridge loan to the earlier of March 31, 2025, and the business day following the Short-Term Outside Date. The agreement also postpones the payment of the monthly fees applicable for the month of August 2024 and for the months up until (and including) January 2025 to the earlier of the Short-Term Outside Date or March 31, 2025.
Besides Fédération des caisses Desjardins du Québec, the other institutions involved in the fourth amendment of the bridge financing agreement for LeddarTech Holdings Inc. and their positions in the liability are not publicly specified in available sources.
LeddarTech's technology is backed by over 170 patent applications, with 87 granted, which enhances ADAS, AD, and parking capabilities. The company's patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, is at the heart of these advancements.
It's important to note that various factors, including those listed in the Forward-Looking Statements section, could cause actual results to differ materially from those contained in any forward-looking statement. One such potential risk is LeddarTech's ability to maintain compliance with Nasdaq continued listing standards following its transfer to the Nasdaq Capital Market.
For more information about LeddarTech, visit their website, LinkedIn, Twitter, Facebook, and YouTube pages. The Sixteenth Amending Agreement and the Fourth Amending Agreement will be filed under LeddarTech's SEDAR+ and EDGAR profiles respectively.
