SQI DIAGNOSTICS EXTENDS MATURITY DATE OF PIVOT CREDIT FACILITY AND ANNOUNCES DEFERRAL OF CERTAIN INTEREST PAYMENTS
SQI also announces that the holders of its $4.05 million principal amount 8% secured debentures dated June 17, 2022 (the "Debentures"), which holders are controlled by certain insiders of SQI who are also control persons of SQI (the "Insider Lenders"), have agreed to the temporary deferral of all interest payments under the Debentures (the "Debentures Interest Deferral", together with the Pivot Interest Deferral, the "Interest Deferrals").
- SQI also announces that the holders of its $4.05 million principal amount 8% secured debentures dated June 17, 2022 (the "Debentures"), which holders are controlled by certain insiders of SQI who are also control persons of SQI (the "Insider Lenders"), have agreed to the temporary deferral of all interest payments under the Debentures (the "Debentures Interest Deferral", together with the Pivot Interest Deferral, the "Interest Deferrals").
- The purpose of the Interest Deferrals is to provide the Company with additional working capital in the short term.
- All deferred interest under the Credit Facility pursuant to the Pivot Interest Deferral and all deferred interest under the Debentures Interest Deferral will become due upon demand by Pivot and the holders of the Debentures, respectively, which demand may not be made earlier than December 1, 2022.
- The maturity date of the Credit Facility was previously extended to October 28, 2022 on June 17, 2022.