Effective on April 9, 2020, Revolution Lighting Technologies, Inc. (the ‘Company’) and its direct and indirect subsidiaries (collectively, the ‘Obligors’) entered into a Seventh Amendment to Forbearance Agreement and Twenty-Third Amendment (the ‘Twenty-Third Amendment’) to its loan and security agreement (the ‘Loan Agreement’) with Bank of America N.A. (‘Bank of America’). Under the terms of the Twenty-Third Amendment, Bank of America agreed to forbear, until May 15, 2020, the new maturity date of the Loan Agreement, from exercising its rights and remedies against the Obligors as a result of breaches of certain covenants under the Loan Agreement. If the Company is not able to obtain a further amendment of the Loan Agreement and extend the forbearance, all principal, interest and other amounts outstanding under the Loan Agreement will become due and payable upon the earlier of 5 p.m. on May 15, 2020, or any Termination Event (as defined in the Loan Agreement, as previously amended). Pursuant to the Twenty-Third Amendment, Bank of America may continue lending to the Company under the revolving credit facility provided by the Loan Agreement through May 15, 2020, subject to the Company continuing to comply with its obligations under the Twenty-Third Amendment, including not allowing any additional Defaults or Events of Default (as defined in the Loan Agreement) to occur. The Twenty-Third Amendment requires the Company to provide Bank of America each week with a two-week rolling cash flow report and forecast. Additionally, the Twenty-Third Amendment deleted the cash burn covenant in the Loan Agreement and amended the definition of LIBOR and LIBOR Successor Rate to require such rates to, in no event, be less than 1%. In exchange for the forbearance granted under the Twenty-Third Amendment, the Company agreed, among other things, to pay Bank of America a $20,000 forbearance fee, as well as Bank of America’s expenses, including attorney’s fees, in connection with the Twenty-Third Amendment and prior open invoices. As of April 7, 2020, the Company had total debt of approximately $78.4 million, including aggregate principal and interest outstanding under the Company’s line of credit with Bank of America of approximately $23.2 million, aggregate principal and interest outstanding under loans from Robert V. LaPenta, Sr. the Company’s Chairman, CEO and President, and Aston Capital, LLC of approximately $54.1 million and approximately $1.1 million from other sources. As of April 8, 2020, the Company estimates that it had $1.0 million of available liquidity, reflecting its net cash position plus the remaining borrowing availability under the Loan Agreement. The Company will likely need additional funding to continue its operations. The extent of additional funds required will depend on, among other things, the Company’s results of operations in the second quarter of 2020 and the amount of time and expense necessary to complete the previously announced investigation by the Securities and Exchange Commission (the “SEC”). The Company plans to work with Bank of America to further amend the Loan Agreement to provide for a longer-term extension of the current maturity date of May 15, 2020, and to provide for ongoing borrowing availability. The Company believes it will be successful. However, there can be no assurance that the Company will obtain such an amendment. Any failure to obtain such an amendment under the Loan Agreement could result in the exercise of remedies by Bank of America and all amounts becoming due under the Loan Agreement, and cause the Company to become unable to operate as a going concern.