Item 1.01. Entry into a Material Definitive Agreement.
On
The interest rate on the Loan is 1.0% per annum. The Note matures on
Under the terms of the CARES Act, PPP loan recipients can be granted forgiveness
for all or a portion of the loan granted under the PPP, with such forgiveness to
be determined, subject to limitations, based on the use of the loan proceeds for
payment of Qualifying Expenses and the Company maintaining its payroll levels
over certain required thresholds under the PPP. The terms of any forgiveness
also may be subject to further requirements in any regulations and guidelines
the SBA may adopt. No assurance can be provided that the Company will obtain
forgiveness of the Note in whole or in part. The Company has applied for
forgiveness of the
The foregoing is a description of the material terms and conditions of the Note
and is not a complete discussion of the Note. Accordingly, the foregoing is
qualified in its entirety by reference to the full text of the Note, which will
be filed as an exhibit to the Company's next periodic report filed with the
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that involve
risks and uncertainties. Such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
predicted or expected results. The inclusion of forward-looking statements
should not be regarded as a representation by the Company that any of these
results will be achieved. Actual results may differ from those contemplated by
forward-looking statements in this Current Report on Form 8-K, such as
statements regarding the Company's use of proceeds from the Loan, the amount of
the Loan to the Company that will be eligible to be forgiven, any actual
forgiveness of some or all of the amount of the Loan evidenced by the Note, the
ability and legality of the Company retaining the proceeds from the Loan in
light of regulatory requirements, related guidance and public opinion and
sentiment and other risks inherent in the Company's business including those
described in the Company's periodic filings with the
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