Identiv amended its credit agreement with Opus Bank, reducing its revolving facility from $30 million to $10 million.

Certain financial covenants were amended and added, including covenants with respect to tangible net worth, maximum senior leverage ratio, minimum asset coverage ratio, minimum EBITDA, and minimum unrestricted cash balance of at least $7.5 million.

In addition, the company amended the existing warrant held by Opus Bank by increasing the number of shares of common stock underlying the warrant from 100,000 to 200,000 shares and decreasing the exercise price from $9.90 to $2.19 per share. The company agreed to issue new warrants to purchase 100,000 shares of common stock in the event that the outstanding principal balance of the loans with Opus Bank exceeds specified thresholds on each of September 30, 2016, December 31, 2016 and March 31, 2017. It also amended its existing registration rights agreement with Opus Bank to include the new warrants and change the circumstances under which the company must register shares underlying the warrants issued to Opus Bank.