01—Abstract
Summary
Summary of the 8-K filed November 1, 2024. Cited figures are marked; the original filing is the authoritative source.
Super Micro Computer, Inc. entered into a Third Amendment to Loan Agreement with Cathay Bank on October 28, 2024.
The amendment amends the Loan Agreement dated May 19, 2022. It extends the deadline for delivering audited financial statements for the fiscal year ending June 30, 2024 from October 28, 2024 to December 31, 2024. It also extends the deadline for delivering the balance sheet and income statement for the fiscal quarter ending September 30, 2024 from November 29, 2024 to December 31, 2024.
The amendment also adds a new covenant requiring the Company to maintain at least $150 milliona of unrestricted cash at all times. The filing states that the Amendment is filed as Exhibit 10.1 and that the description is qualified in its entirety by the full text of that exhibit. The Item 2.03 disclosure incorporates the same Amendment information by reference, indicating it relates to the creation of a direct financial obligation.
For investors, the key points are the extended reporting deadlines under the Cathay Bank loan and the new minimum unrestricted cash requirement of $150 millionb. The filing does not describe the reasons for the extensions or the Company's current cash position.
02—Key points
Key Highlights
- On October 28, 2024, the Company entered into a Third Amendment to Loan Agreement with Cathay Bank, amending the Loan Agreement dated May 19, 2022.
- The deadline to deliver audited financial statements for the fiscal year ending June 30, 2024 was extended from October 28, 2024 to December 31, 2024.
- The deadline to deliver the balance sheet and income statement for the fiscal quarter ending September 30, 2024 was extended from November 29, 2024 to December 31, 2024.
- A new covenant requires the Company to maintain at least $150 million of unrestricted cash at all times.
- The Amendment is disclosed under Item 1.01 (Material Definitive Agreement) and Item 2.03 (Creation of a Direct Financial Obligation).
- The full text of the Amendment is filed as Exhibit 10.1 to the Form 8-K.
03—Questions
Frequently Asked Questions
What did Super Micro Computer change in its loan agreement with Cathay Bank?
The Third Amendment to Loan Agreement, dated October 28, 2024, extended two reporting deadlines and added a minimum unrestricted cash covenant of at least $150 million at all times.
When are the delayed financial statements now due to Cathay Bank?
Under the Amendment, the audited financial statements for the fiscal year ending June 30, 2024 and the balance sheet and income statement for the quarter ending September 30, 2024 are both due by December 31, 2024.
What is the new cash requirement under the loan?
The Company must maintain at least $150 million of unrestricted cash at all times under the amended Loan Agreement.
Why were the reporting deadlines extended?
The filing does not state the reasons for the extensions.
Where can investors find the full terms of the amendment?
The full text of the Third Amendment to Loan Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K, and the Company's description is qualified in its entirety by that exhibit.
04—Continue