Section 1.01 Entering into a Material Definitive Agreement.
with a floor of 5%. Advances under the line of credit will be limited to 70% and 50% of eligible customer accounts and Nextridge and ANS work in progress, respectively. In addition, the engagement letter provides for the renewal of a
All obligations under the Line of Credit and the CapEx Line (the “Facility”) will be subject to cross-collateralization and cross-default, and will be secured by a first lien on the assets of Nextridge and ANS. In addition, all obligations under the facility will be guaranteed by us and by
The foregoing is a summary of the material terms of the Letter of Engagement, and is qualified in its entirety by the Letter of Engagement, which is included as Schedule 10.1, and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Section 1.01 of this Current Report on Form 8-K is incorporated herein by reference in response to this Section 2.03.
Notice Regarding Forward-Looking Information
This Current Report on Form 8-K may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current expectations or beliefs regarding future events or our future performance. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “continues “, “expects”, “plans”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations or negatives of these words and expressions or declare that certain actions , events or results “may”, “could”, “should”, “should”, “could” or “will” be made, occur or be realized. All forward-looking statements, including those contained in this document, are qualified by this warning.
Although we believe that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties, and actual results may differ materially from future results expressed or implied by these forward-looking statements. These risks and uncertainties include our business plans and strategies, our future business development, market acceptance of electric vehicles, our ability to generate positive earnings and cash flow, changes in government regulations and incentives government, subsidies or other favorable government policies, and other risks discussed in our filings with the
The forward-looking statements contained in this Current Report on Form 8-K speak only as of the date hereof or as of the date or dates specified in such statements. For more information about us, investors are encouraged to review our public filings with the
Item 9.01 Financial statements and supporting documents.
(d) Exhibits. Exhibit No. Description 10.1 Commitment Letter dated
August 25, 2022. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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