WaveDancer, Inc., a Delaware-based software services company, has amended its loan agreement with Summit Community Bank. The announcement, based on a recent SEC filing, reveals that the company, along with its wholly-owned subsidiary Tellenger, Inc., has negotiated an extension to the maturity date of its credit facility to July 16, 2024.
The credit agreement, originally dated April 16, 2021 and amended on September 11, 2023, provided for a principal amount of $500,000. To secure the extension, WaveDancer took a capital reduction of $100,000 and paid an extension fee of $2,500. In addition, the company is required to make another $100,000 payment by June 28, 2024, plus an additional $4,000 renewal fee.
An amendment to the Trade Credit Line Agreement and Note Conditions (CIT) was made on Monday, effective June 7, 2024. This strategic financial move gives WaveDancer additional time to manage its financial obligations under the credit line. .
The CIT is attached as an exhibit to the 8-K filing, providing transparency and details regarding the amended terms between WaveDancer and the Burke & Herbert Bank & Trust Division.
WaveDancer, known by the trading symbol NASDAQ:WAVD, operates from its headquarters in Fairfax, VA. The company’s fiscal year ends at the end of December and is incorporated under the laws of the state of Delaware. This latest financial move is part of the company’s financial strategy, which continues to operate in the technology sector.
Investors and interested parties can read the details of the agreement in the SEC filing, which serves as the source of this information. The adjustment of the terms of the credit agreement reflects the company’s financial decisions as of the reporting date.
In other recent news, Firefly Neuroscience, Inc. has been in the spotlight due to a number of significant events. The company, known for its AI-powered neuroscience solutions, announced a merger with WaveDancer, Inc., marking a pivotal moment in its history as it transitions to become a publicly traded entity on NASDAQ. The merger has been approved by the shareholders of both companies and is expected to close in the second quarter of 2024, subject to standard closing conditions.
In other developments, WaveDancer, Inc. recently announced the appointment of its Chief Financial Officer, Timothy G. On the resignation of Hannon, who is looking for another career opportunity. The company has not yet named a successor. These are some of the recent developments that have characterized the path of Firefly Neuroscience and WaveDancer, Inc.
Given WaveDancer, Inc.’s recent financial strategy to extend its line of credit, current and prospective investors may find the following InvestingPro indicators and recommendations particularly interesting. WaveDancer, which has a market capitalization of $5.09M, has seen a significant return of 11.95% over the last week. This may indicate investor confidence following the news of the loan extension, although it is important to note that the stock has fallen 24.93% over the past month, highlighting its high price volatility.
Despite not being profitable over the past twelve months, the company has rallied 88.81% over the past six months, indicating a potential turnaround for investors. However, the company’s short-term liabilities exceeding its current assets and a P/E ratio of -3.43 suggest that financial stability still holds. For investors looking for a more in-depth analysis, InvestingPro offers additional advice on WaveDancer’s financial health and future prospects. Using a coupon code PRONEWS24, investors can get an additional 10% off an annual or two-year subscription to Pro and Pro+, unlocking additional valuable insights. There are 4 more offers InvestingPro:which can help investors make more informed decisions about their interest in WaveDancer.
For a more complete picture of WaveDancer’s financial position and to access these exclusive insights, investors are encouraged to visit: