Company: FTCI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001193125-25-276228
Chunk: 10

Company: FTC Solar, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 5
Chunk 10
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(a)Information required to be disclosed in a report on Form 8-K during the period covered by this Form 10-Q, but not reported.

First Amendment to the Credit Agreement

On November 11, 2025, we entered into the First Amendment (the “First Amendment”) to the Credit Agreement, dated July 2, 2025, by and among the Company, as borrower, each lender party thereto from time to time (the “Lenders”), and Acquiom Agency Services LLC, as administrative agent for the Lenders (as amended by the First Amendment, the “Credit Agreement”). The parties entered into the First Amendment to (a) enable the Company’s acquisition of 100% of the membership interests of Alpha Steel and to execute the further transactions disclosed below under the heading “—Alpha Steel Membership Interest Purchase” and (b) modify the financial covenants applicable to the Company under the Credit Agreement. As a result of the First Amendment, the financial covenants applicable to the Company pursuant to the Credit Agreement are as summarized in this Quarterly Report under "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Outstanding debt and warrants - Key terms", and such summary of the financial covenants under the Credit Agreement is incorporated by reference herein. 

The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the First Amendment filed as Exhibit 10.2 to this Quarterly Report and which is incorporated herein by reference.

Alpha Steel Membership Interest Purchase 

On November 11, 2025, we entered into a Membership Interest Purchase Agreement (the “Membership Interest Purchase Agreement”) with Taihua and DAYV (collectively, the “Selling Members”) pursuant to which we agreed to purchase from the Selling Members all of their membership interests in Alpha Steel. Prior to the transactions contemplated by the Membership Interest Purchase Agreement, we own 45% of the membership interests in Alpha Steel, and, as a result of the transactions under the Membership Interest Purchase Agreement, we will own 100% of Alpha Steel, and Alpha Steel will be our wholly-owned subsidiary, following the closing of the transactions under the Membership Interest Purchase Agreement.

As consideration for the transactions under the Membership Interest Purchase Agreement, we will pay the Selling Members a total of $2,733,596.56 in installments within five business days following each of January 1, 2026, April 1, 2026 and July