LeddarTech modifies terms of credit agreement and bridge financing plan
LeddarTech Expands Financial Agreements and Focuses on Global Adoption
LeddarTech Holdings Inc., a Quebec City-based automotive software company listed on Nasdaq under the ticker symbol LDTC, is making significant strides in its mission to become the most widely adopted sensor fusion and perception software solution for global mobility safety, efficiency, sustainability, and affordability.
The company has entered into a Fifteenth Amending Agreement with Fédération des caisses Desjardins du Québec regarding the Desjardins Credit Facility. This agreement temporarily postpones interest payments for July through December 2024 until the earlier of the Short-Term Outside Date or February 28, 2025. It 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. Additionally, LeddarTech will make a monthly payment of C$125,000 to Desjardins, payable on the first day of each month, until the Short-Term Outside Date.
In another development, LeddarTech has also entered into a Third Amending Agreement with the initial bridge lenders regarding the Bridge Financing Offer. This agreement extends the maturity of the bridge loan to the earlier of February 28, 2025, and the business day following the Short-Term Outside Date.
LeddarTech's technology, LeddarVision™, 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. The company holds over 170 patent applications (87 granted) that enhance ADAS, AD, and parking capabilities. LeddarTech's 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's focus on global adoption is evident in its aim to become the most widely adopted sensor fusion and perception software solution for mobility safety, efficiency, sustainability, and affordability. LeddarTech's technology is designed to be versatile, making it suitable for a wide range of applications in the automotive industry.
It's important to note that the paragraphs contain forward-looking statements, which are subject to various risks and uncertainties and are not guarantees of future performance.
For more information about LeddarTech, visit their website, LinkedIn, Twitter, Facebook, and YouTube. Additional details about the financial agreements can be found in the amendments filed under LeddarTech's SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov, respectively. LeddarTech's agreements also include payments to creditors scheduled between the end of September and mid-October 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.
LeddarTech has R&D centers in Montreal and Tel Aviv, Israel, demonstrating its commitment to innovation and technological advancement.
