Company: QTIWW
Filing Date: 2025-02-28
Form Type: 8-K
Source: 0001844505-25-000028
Chunk: 5

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-02-28
Form: 8-K
Item: Item 1.01
Chunk 5
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”), pursuant to which the parties acknowledged the termination of the SEPA and the other Yorkville Financing Documents, effective as of February 26, 2025, as result of all parties having performed their obligations owing thereunder. Notwithstanding the termination, all indemnification obligations of the Company and its subsidiaries set forth in the Yorkville Financing Documents shall survive the termination of the Yorkville Financing Documents and continue in full force and effect in accordance with the terms thereof

This Current Report provides a summary of the Yorkville Warrant and the Termination Agreement, the descriptions of which do not purport to be complete and is qualified in its entirety by the terms and conditions of such agreement. Copies of the Yorkville Warrant and the Termination Letter are attached as Exhibit 4.1 and 10.2 hereto, respectively, and are incorporated by reference into this Current Report.

Extinguishment of Cable Car Note

As previously disclosed on Current Reports on Form 8-K filed with the SEC on March 5, 2024 and January 10, 2025, the Company entered into a Secured Convertible Note, dated March 4, 2024, with Funicular Funds, LP (“Cable Car”), providing for an original principal amount of $1,500,000, and subsequently amended on January 9, 2025, by an Omnibus Amendment (as amended, the “ Cable Car Note”).

On February 26, 2025, the Company used a portion of the proceeds of the Lynrock Lake Term Loan to pay Cable Car an amount equal to the full principal, interest and fees amount of approximately $1,625,000 in cash to fully settle and discharge the Company’s obligations under the Cable Car Note and extinguish the Cable Car Note as having been fully performed.

Amendments to Promissory Notes

On February 26, 2025, the Company entered into (i) an Amendment (the “2023 Klock Note Amendment”) to the Sixth Amended and Restated Promissory Note, dated October 26, 2023 (the “2023 Klock Note”), and originally delivered by QT Imaging to The John Charles Klock Jr. and Cynthia L. Klock Trust U/A DTD 07/26/07 (the “ Klock Trust”), (ii) a Third Amendment (the “2022 Klock Note Amendment”) to Reformed Convertible Promissory Note, dated September 1, 2022 (the “2022