QUICKLOGIC Corp Debt Disclosure

On December 21, 2018 , the Company entered into a loan agreement, the QuickLogic Corporation Heritage Bank of Commerce Amended and Restated Loan and Security Agreement (as amended, the "Loan Agreement") with Heritage Bank which among other things, provided a revolving line of credit facility ("Revolving Facility") allowing the Company to draw advances up to $15 million. The Revolving Facility, as amended, includes a number of customary and restrictive financial covenants including maintaining certain minimum cash levels with the lender. On December 8, 2023, the Company entered into the Seventh Amendment to the Loan Agreement, which increased the line of credit to $20 million. The Revolving Facility bears an annual facility fee of $60 thousand, payable each December 31st. Advances under the Revolving Facility bear a variable annual interest rate equal to  one half of one percentage point ( 0.50%) above the prime rate. On March 14, 2025, the Company entered into the Eighth Amendment to the Loan Agreement, which extended the loan maturity date for one year from December 31, 2025 to December 31, 2026. On December 28, 2025, the Company had a  $15.0 million outstanding balance on the Revolving Facility with an interest rate of 7.25%. On December 29, 2024, the Company had an  $18.0 million outstanding balance on the Revolving Facility with an interest rate of 8.00%.

 

 

The Company was in compliance with all loan covenants under the Loan Agreement, as of the end of the current reporting period.

 

Heritage Bank has a first-priority security interest in substantially all of the Company’s tangible and intangible assets to secure any outstanding amounts under the Loan Agreement.