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): May 23, 2016 (May 20, 2016)
InfoSonics Corporation
(Exact name of registrant as specified in its charter)
| Maryland | 001-32217 | 33-0599368 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3636 Nobel Drive, Suite #325,
San Diego, CA 92122
(Address of principal executive offices)
Registrant’s telephone number, including area code: (858) 373-1600
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):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.01. | Entry into a Material Definitive Agreement. |
On May 20, 2016, InfoSonics Corporation (the “Company”) entered into the Fifth Amendment to Loan and Security Agreement with Silicon Valley Bank (the “Amendment”). The Amendment modifies the original Loan and Security Agreement that was dated as of March 27, 2014, as amended. The purpose of the Amendment was to reset the Minimum Tangible Net Worth covenant to $14,000,000 effective April 30, 2016.
A copy of the Amendment is filed as Exhibit 10.21 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosures required by this Item 2.03 are contained in Item 1.01 above, and are incorporated as if fully restated herein.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit |
Description | |
| 10.21 | Fifth Amendment to Loan and Security Agreement dated as of May 20, 2016 between Silicon Valley Bank and InfoSonics Corporation. | |
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.
| InfoSonics Corporation | ||
| /s/ Vernon A. LoForti | ||
| Vernon A. LoForti | ||
| Date: May 23, 2016 | Chief Financial Officer | |