UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Securities registered pursuant to Section 12(b) of the Act: None
Item 1.01 Entry into a Material Definitive Agreement.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On November 12, 2021, an affiliate of BitNile Holdings, Inc. (“BitNile”) loaned us $500,000 (the “Bridge Loan”) for general corporate purposes, including operating expenses. We borrowed an additional $300,000 on January 7, 2022 and an additional $500,000 on April 5, 2022, and the outstanding principal amount of the Bridge Loan was $1,300,000. The principal amount of the Bride Loan bears interest at 10.0%. The promissory notes evidencing the Bridge Loan were consolidated into an amended and restated secured promissory note on April 5, 2022 and was scheduled to mature on November 12, 2022.
On November 20, 2022, BitNile extended the maturity date of the Bridge Loan from November 12, 2022 to February 14, 2023, effective as of October 28, 2022. All other terms of the Bridge Loan remain unchanged.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibits
Exhibit No. |
Description of Exhibit |
Form |
Date |
Number |
Filed |
10.1 |
Amended and Restated Secured Promissory Note dated as April 5, 2022 |
8-K |
04/11/22 |
10.3 |
Filed |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
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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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GIGA-TRONICS INCORPORATED |
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Date: |
November 25, 2022 |
By: |
/s/ LUTZ HENCKELS |
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Name: Lutz Henckels |