SQI Diagnostics, a company that develops and manufactures respiratory health and precision medicine tests, extended the maturity date of its credit agreement with Pivot Financial dated Feb. 8, 2022, to Oct. 11, 2022. All of the other terms of the credit agreement remain unchanged.
As previously announced, the company entered into the credit agreement with Pivot, an arm’s length third party to the company, with respect to the extension of a short-term senior secured demand credit facility in the aggregate amount of $7.5 million to satisfy the cash consideration payable pursuant to the company’s acquisition of substantially all of the assets underlying Precision Biomonitoring’s human diagnostic COVID-19 PCR testing business and its TripleLock molecular diagnostic testing technology and for general working capital. Certain insiders of the company also participated in funding the credit facility pursuant to the terms of participation agreements entered into between Pivot and the insider lenders.
