Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 57

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 57
---
 repurchase shares of common stock
for our account in accordance with Rule 10b-18 and our instructions. Repurchases under the trading plan may continue until the trading
plan terminates in June 2024 unless terminated earlier or extended.

As of June 30,
2024, we had repurchased a total of 1,815,166 shares of common stock for total payments of
approximately $3.4 million, and approximately $6.6 million remained available under the stock repurchase program for future stock repurchases.
During the six months ended June 30, 2024, we did not repurchase any shares.

Debt

On November
22, 2021, we entered into the Initial Loan Agreement with Salem Five Cents, for the Revolving Line of Credit, consisting of aggregate
loans of up to $7.0 million, evidenced by the Demand Note. The Revolving Line of Credit and the Demand Note were secured by a first priority
security interest in all assets and property of the Company, as provided in the Security Agreement, dated November 22, 2021, between Salem
Five Cents and the Company (the “Security Agreement” and together with the Initial Loan Agreement and the Demand Note, the
“Loan Documents”), and as described below. Under a Commercial Loan Modification Agreement, dated as of February 12,
2024, between Salem Five Cents and the Company (the “Loan Modification Agreement”),
certain terms of the Initial Loan Agreement were modified as of February 12, 2024, as described
below.

The amount
available under the Revolving Line of Credit was the lesser of $7.0 million or the sum of (x) eighty percent (80.0%) of the then-outstanding
amount of Eligible Accounts (as defined below), plus (y) fifty percent (50.0%) of Eligible Inventory (as defined below); minus one hundred
(100.0%) percent of the aggregate amount then drawn under the Revolving Line of Credit for the account of the Company. In addition, advances
based upon Eligible Inventory were required to be capped at all times at $2.0 million. “Eligible Accounts” was defined as
accounts that meet a number of requirements, including, unless otherwise approved by Salem Five Cents, being less than 90 days from the
date of invoice not subject to any prior assignment, claim, lien, or security interest, not subject to set-off, credit, allowance