LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq:
LDTC), an automotive software company that provides patented
disruptive AI-based low-level sensor fusion and perception software
technology, LeddarVision™, for ADAS, AD and parking applications,
announces it entered into an Eleventh Amending Agreement (the
“Amendment and Waiver”) with Fédération des caisses Desjardins du
Québec (“Desjardins”) with respect to the Amended and Restated
Financing Offer dated as of April 5, 2023 (as amended, the
“Desjardins Credit Facility”).
As previously announced by the Company on July
5, 2024, pursuant to a Ninth Amending Agreement to the Desjardins
Credit Facility, the Company was required to maintain an
unencumbered cash balance (the “Minimum Cash Covenant”) of C$3.5
million from July 5, 2024 through July 6, 2024, and C$1.8
million from July 7, 2024 through July 26, 2024. Pursuant to a
Tenth Amending Agreement to the Desjardins Credit Facility dated
July 26, 2024, Desjardins had temporarily reduced the required
Minimum Cash Covenant to C$1.3 million from July 26, 2024
through August 5, 2024, after which time the Company was to be
obligated to maintain a minimum cash balance of C$5.0 million.
Pursuant to the Amendment and Waiver, among
other things, Desjardins has agreed to:
- temporarily
reduce the required Minimum Cash Covenant to (i) C$250,000 from
August 6, 2024 through August 14, 2024, (ii) C$1,000,000 from
August 15, 2024 until the earlier of the Short-Term Outside Date
(as defined below) and November 15, 2024, and (iii) C$5,000,000 at
all times after the earlier of the Short-Term Outside Date and
November 15, 2024; and
- temporarily
postpone payment of interest for the months of July, August,
September and October 2024 until the earlier of (x) the date of
disbursement of an equity investment in the Borrower for a minimum
gross proceeds amount of US$35,000,000 (the “Short-Term Outside
Date”) and (y) November 15, 2024.
The Amendment and Waiver provides for a monthly
payment by the Company to Desjardins of C$125,000 until the
Short-Term Outside Date, which payments will be due and payable on
the earlier of the Short-Term Outside Date and November 15, 2024.
The foregoing description of the Amendment and Waiver does not
purport to be complete and is qualified in its entirety by
reference to the Amendment and Waiver, a copy of which has been
filed under the Company’s SEDAR+ and EDGAR profiles at
www.sedarplus.ca and www.sec.gov, respectively.
The Company continues to progress its
discussions with several of its principal shareholders and other
potential investors to secure the financing described in the
Company’s press release issued on July 5, 2024, which may include
funding to meet near-term obligations while the Company continues
to seek to close the larger financing (collectively, the “Financing
Transaction”). There can be no assurance that such existing
shareholders or other potential investors will invest any amount in
the Financing Transaction, or that the Company will successfully
complete the Financing Transaction at all.
Frantz Saintellemy, President and CEO of
LeddarTech, said: “We are pleased to have the continued support of
our partner and lender, Desjardins, as we continue to make solid
progress on securing the funding we need to achieve our goals in
both the short and long term. We look forward to providing an
update when we release our third-quarter financial results on
August 14.”
Any debt or equity securities to be offered and
sold in the Financing Transaction may not be registered under the
Securities Act of 1933, as amended, or State securities laws and
may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission or an applicable
exemption from such registration requirements. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy any securities in the Financing Transaction, nor shall
there be any sale of such securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
Receipt of Nasdaq Deficiency
Notices
The Company also announces that it has received
notices from the Listing Qualifications Department of the Nasdaq
Stock Market LLC (collectively, the “Notices”) indicating that the
Company did not comply with the following Nasdaq Listing Rules
within certain time periods as required for continued listing on
the Nasdaq Global Market: (i) minimum bid price of US$1.00 per
share, (ii) minimum market value of publicly held shares (“MVPHS”)
of US$15,000,000, and (iii) minimum market value of listed
securities (“MVLS”) of US$50,000,000 (the “Listing Requirements”).
The Notices also indicated that the Company will be afforded a
period of 180 calendar days to regain compliance.
The Company intends to actively monitor the
closing bid price, the MVPHS and the MVLS of its common shares and
will evaluate available options to regain compliance with the
Listing Requirements. However, there can be no assurance that the
Company will be able to regain compliance with such Listing
Requirements or maintain compliance with any of the other Nasdaq
Global Market continued listing requirements.
The Notices have no immediate effect on the
listing of the Company’s common shares, which will continue to be
listed and traded on the Nasdaq Global Market under the symbol
“LDTC,” subject to the Company’s compliance with the other
continued listing requirements of the Nasdaq Global Market.
The foregoing also should be read in conjunction
with the disclosures set forth in the Company’s Report of Foreign
Private Issuer on Form 6-K as filed with the Securities and
Exchange Commission and under the Company’s SEDAR+ profile on the
date hereof, and the Company’s Annual Report on Form 20-F for the
year ended September 30, 2023 as filed with the Securities and
Exchange Commission and under the Company’s SEDAR+ profile on
January 31, 2024, including the disclosures set forth under “Item
3.D – Key Information – Risk Factors” contained therein.
About LeddarTech
A global software company founded in 2007 and
headquartered in Quebec City with additional R&D centers in
Montreal and Tel Aviv, Israel, LeddarTech develops and provides
comprehensive AI-based low-level sensor fusion and perception
software solutions that enable the deployment of ADAS, autonomous
driving (AD) and parking applications. LeddarTech’s
automotive-grade software applies advanced AI and computer vision
algorithms to generate accurate 3D models of the environment to
achieve better decision making and safer navigation. This
high-performance, scalable, cost-effective technology is available
to OEMs and Tier 1-2 suppliers to efficiently implement automotive
and off-road vehicle ADAS solutions.
LeddarTech is responsible for several
remote-sensing innovations, with over 160 patent applications
(87 granted) that enhance ADAS, AD and parking capabilities. Better
awareness around the vehicle is critical in making global mobility
safer, more efficient, sustainable and affordable: this is what
drives LeddarTech to seek to become the most widely adopted sensor
fusion and perception software solution.
Additional information about LeddarTech is
accessible at www.LeddarTech.com and on LinkedIn, Twitter (X),
Facebook and YouTube.
Contact:Daniel Aitken,
Vice-President, Global Marketing, Communications and Investor
Relations, LeddarTech Holdings Inc. Tel.: + 1-418-653-9000 ext. 232
daniel.aitken@LeddarTech.com
- Investor relations
website: investors.LeddarTech.com
- Investor relations
contact: Kevin Hunt, ICR Inc. kevin.hunt@icrinc.com
- Financial media
contact: Dan Brennan, ICR Inc. dan.brennan@icrinc.com
Leddar, LeddarTech, LeddarVision, LeddarSP,
VAYADrive, VayaVision and related logos are trademarks or
registered trademarks of LeddarTech Holdings Inc. and its
subsidiaries. All other brands, product names and marks are or may
be trademarks or registered trademarks used to identify products or
services of their respective owners.
LeddarTech Holdings Inc. is a public company
listed on the Nasdaq under the ticker symbol “LDTC.”
LeddarTech (NASDAQ:LDTC)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
LeddarTech (NASDAQ:LDTC)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024