- Current report filing (8-K)
14 11월 2009 - 6:31AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
report (Date of earliest event reported):
November 9, 2009
BETAWAVE
CORPORATION
(Exact
name of registrant as specified in its charter)
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Delaware
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333-131651
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20-2471683
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
|
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of
incorporation)
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File
Number)
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Identification
No.)
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|
|
|
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706
Mission Street, 10th Floor, San Francisco, California
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94103
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
(415) 738-8706
Not
Applicable
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General Instruction
A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01
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Entry
into a Material Definitive
Agreement.
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On
November 9, 2009, Betawave Corporation (the “Company”) and Silicon Valley Bank
(“SVB”) entered into a Waiver and Third Amendment to Loan and Security Agreement
(the “Waiver and Amendment”). Under the terms of the Waiver and Amendment, SVB
agreed: (i) to waive an event of default existing as a result of the Company’s
violation of a minimum tangible net worth covenant under the existing Loan and
Security Agreement, dated as of March 28, 2009 (the “Loan Agreement”), between
the Company and SVB and (ii) that such minimum tangible net worth covenant would
not apply from October 1, 2009 to November 23, 2009. In addition, the Waiver and
Amendment amended the Loan Agreement to, among other things: (i) add a covenant
to the Loan Agreement that requires the Company to maintain at least $1.5
million in unrestricted cash on deposit in the Company’s unrestricted operating,
sweep and other accounts with SVB and its affiliates and (ii) reduce the
borrowing base available under the Loan Agreement from $4 million to the lesser
of (a) the sum of 80% of eligible accounts and, at SVB’s discretion, 60% of
extended eligible accounts and (b) $1.5 million. In connection with the Waiver
and Amendment, the Company and SVB also entered into an Acknowledgement and
Reaffirmation of Loan and Security Agreement (the “Acknowledgement”) under which
the Company, as a corporation that reincorporated into Delaware as of September
21, 2009, acknowledged and reaffirmed its obligations under the Loan
Agreement.
The
foregoing description of the Waiver and Amendment and the Acknowledgement does
not purport to be complete and is qualified in its entirety by reference to the
full text of the Waiver and Amendment and the Acknowledgement, copies of which
are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on
Form 8-K and are incorporated herein by reference.
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Item
9.01
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Financial
Statements and Exhibits.
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(d) Exhibits.
The following exhibits are attached to
this Current Report on Form 8-K:
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Exhibit
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Description
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10.1
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Waiver
and Third Amendment to Loan and Security Agreement.
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10.2
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Acknowledgement
and Reaffirmation of Loan and Security
Agreement.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Dated: November
13, 2009
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BETAWAVE
CORPORATION
By:
/s/ Tabreez Verjee
Name:
Tabreez Verjee
Title:
President
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EXHIBIT
INDEX
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Exhibit
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Description
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10.1
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Waiver
and Third Amendment to Loan and Security Agreement.
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10.2
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Acknowledgement
and Reaffirmation of Loan and Security
Agreement.
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Betawave (CE) (USOTC:BWAV)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Betawave (CE) (USOTC:BWAV)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
