Company: LDWY
Filing Date: 2025-09-18
Form Type: 8-K
Source: 0001104659-25-091215
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Company: LENDWAY, INC.
Filing Date: 2025-09-18
Form: 8-K
Item: Item 1.01
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Item 1.01.

Entry into Material Definitive Agreement.

Credit Facility Amendment

On September 15, 2025, Lendway, Inc. (the “ Company”), as parent guarantor, entered into a Second Amendment to the existing Credit Agreement dated February 20, 2024 and previously amended on October 16, 2024, together with its direct and indirect subsidiaries Tulp 24.1, LLC, as borrower, and each of Tulipa Acquisitie Holding B. V., Bloomia B. V., and Fresh Tulips USA, LLC, as guarantors, with Associated Bank, N. A., as agent for itself and the other lenders from time-to-time party thereto (the “ Agent”). Under the Credit Agreement, as amended (the “ Credit Agreement”), among other things, the revolving facility capacity was temporarily increased from $6,000,000 to $10,000,000 and the definition of eligible inventory will continue to include inventory in the Netherlands, in each case until April 30, 2026. Additionally, the senior cash flow leverage ratio covenant levels were further revised. Commencing September 30, 2025, the interest rate for all loans under the facility will be based on a term SOFR rate for an interest period selected by the Company plus an applicable margin, with a range from 3.00% to 4.00% based on the Company’s cash flow leverage ratio. As of September 18, 2025, the Company had an outstanding balance of $6.1 million under the revolving facility.

The foregoing description of the material terms of the revised Credit Agreement is qualified by the text of the Second Amendment to the Credit Agreement, which is filed as Exhibit 10.1 to this Current Report, and incorporated by reference into this Item 1.01.

Promissory Notes

On September 15, 2025, the Company entered into unsecured Promissory Notes (collectively, the “ Notes”) with Air T, Inc. (“ Air T”), AO Partners I, L. P. (“ AO Partners Fund”), and Gary S. Kohler (“ Kohler,” and, together with Air T and AO Partners Fund, the “ Note Lenders”), pursuant to which the Lenders have agreed to lend to the Company a total of $4.0 million, in the amounts of $1,100,156, $1,699,844, and $1,200,000, respectively. Proceeds from