UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events
On December 21, 2022, pursuant to the terms of the Senior Loan Agreement between Migdalor Business Investment Fund (“Migdalor”) and the registrant’s wholly owned subsidiary, Actelis Networks Israel, Ltd. (the “Company”), dated December 2, 2020, as amended (the “Agreement”), to satisfy the required Company obligation associated with the cover/debt ratio (as defined in the Agreement), the Company deposited $2 million to a Company-owned interest bearing bank account, or the “designated account” (as defined in the Agreement). An additional $2 million may be required to be deposited in the designated account by February 28, 2023 (the “Additional Deposit”), as agreed between Migdalor and the Company.
Migdalor consented to allow the Company to seek additional accounts receivable financing which would be used to partially repay the Migdalor loan, which would reduce or eliminate the Additional Deposit.
Additionally, Migdalor consented to allow the Company to provide bank guarantees or other collateral to third party suppliers of up to $1.4 million as the Company may need in its ordinary course of business.
Pursuant to the covenants of the Agreement, as the Company continues to repay the loan principal whether by refinancing or payments of the loan in the ordinary course, the Company will be permitted to withdraw funds from the designated account or decrease the Additional Deposit.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ACTELIS NETWORKS, INC. | ||
| Dated: December 28, 2022 | By: | /s/ Tuvia Barlev |
| Name: | Tuvia Barlev | |
| Title: | Chief Executive Officer | |
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