Company: PDEX
Filing Date: 2025-04-11
Form Type: 8-K
Source: 0001079973-25-000614
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Company: PRO DEX INC
Filing Date: 2025-04-11
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

Amendment
to Credit Agreement & Amended and Restated Revolving Credit Note

On
April 8, 2025, Pro-Dex, Inc. (the “ Company”) entered into Amendment No. 6 to Amended and Restated Credit Agreement (the “ Amendment”)
with UMB Bank, N. A. D/B/A Minnesota Bank and Trust, a division of UMB Bank, N. A., successor-in-interest to Minnesota Bank and Trust, a
division of HTLF Bank (“ MBT”), which amends the Company’s Amended and Restated Credit Agreement with MBT (as amended,
the “ Credit Agreement”), as well as an Amended and Restated Revolving Credit Note with MBT (the “ Revolving Note”
and, together with the Amendment, the “ Credit Agreement Amendments”). The Credit Agreement Amendments, among other things,
increase the Company’s revolving line of credit (the “ Revolving Loan”) with MBT from$7,000,000
to $11,000,000. The Revolving Loan may be borrowed against from time to time by the Company through its maturity date of December
29, 2026 on the terms set forth in the Credit Agreement. As of the date of this Current Report on Form 8-K, the Company has drawn $5,000,000
against the Revolving Loan, the entire amount of which remains outstanding. The Company paid a loan origination fee in the amount of $8,000
to MBT in conjunction with the Credit Agreement Amendments.

The
Revolving Loan bears interest at an annual rate equal to the greater of (a) 4.0% or (b) SOFR for a one-month period from the website of
the CME Group Benchmark Administration Limited, plus 2.5%. Commencing on the first day of each month after the Company initially borrows
against the Revolving Loan and each month thereafter until maturity, the Company is required to pay all accrued and unpaid interest on
the Revolving Loan through the date of payment. Any principal on the Revolving Loan that is not previously prepaid by the Company shall
be due and payable in full on the maturity date (or earlier termination of the Revolving Loan).

Upon
the occurrence and during the continuance of an event of default, the interest rate of the Revolving Loan is increased by 3% and MBT may,
at its option, declare the