QuickLogic Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Other Events, Financial Statements and Exhibits

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Item 1.01 Entry into a Material Definitive Agreement.

 

On April 24, 2026, QuickLogic Corporation (the “Company”) entered into (i) a Loan and Security Agreement (the “Credit Agreement”), by and between the Company and Sunflower Bank, N.A. and (ii) a Promissory Note of the Company (the “Note”), providing for a $10.0 million secured revolving credit facility (“Revolving Credit Facility”).

 

The Revolving Credit Facility will mature on April 24, 2029 and will accrue interest at a rate equal to the greater of (i) 5.50% and (ii) and Prime Rate plus 0.50%. The proceeds of the Revolving Credit Facility will be for working capital and general corporate purposes and is secured on a first priority basis by a security interest in substantially all of the assets of the Company. In addition to paying interest on outstanding borrowings under the Revolving Credit Facility, the Company is required to pay an annual facility fee of $30,000.

 

The Credit Agreement contains certain representations and warranties (subject to certain agreed qualifications) that are customary for financings of this type. The Credit Agreement contains certain affirmative and negative covenants customary for financings of this type that, among other things, limit the Company’s and the Company’s subsidiaries’ ability to incur additional indebtedness or liens, to dispose of assets, to make certain fundamental changes, and to make certain investments, loans, advances, guarantees, and acquisitions.

 

In addition, the Credit Agreement contains a liquidity covenant that requires the Company to maintain Remaining Months’ Liquidity (as defined in the Credit Agreement) of at least seven months. The Credit Agreement contains customary events of default, including with respect to a failure to make payments under the Revolving Credit Facility, cross-default, certain bankruptcy and insolvency events, and customary change of control events.

 

The foregoing descriptions of the Credit Agreement and Note do not purport to be complete and are qualified in their entirety by reference to the full text of the Credit Agreement and Note, a copy of which is attached as Exhibit 10.1 and Exhibit 10.2, respectively, hereto.

 

 

The information set forth above in Item 1.01 is incorporated by reference herein.

 

 

On April 29, 2026, the Company issued a press release announcing that it had entered into the Credit Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

 

(d) Exhibits.

 

 

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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.