LeddarTech, the automotive software company, has announced that it has entered into an Eleventh Amending Agreement with Federation des caisses Desjardins du Quebec (Desjardins) regarding its Desjardins Credit Facility. The agreement includes a temporary reduction in the required Minimum Cash Covenant and a postponement of interest payments. LeddarTech continues to progress discussions with its principal shareholders and potential investors to secure financing.
In addition, LeddarTech has received notices from the Listing Qualifications Department of the Nasdaq Stock Market LLC indicating that the company did not comply with certain Nasdaq Listing Rules. The company has been given 180 calendar days to regain compliance and will actively monitor its common shares’ bid price and market value to evaluate available options.
LeddarTech, founded in 2007, develops AI-based low-level sensor fusion and perception software solutions for ADAS, autonomous driving, and parking applications. The company’s technology enables better decision-making and safer navigation, contributing to global mobility that is safer, more efficient, sustainable, and affordable. LeddarTech is committed to becoming the most widely adopted sensor fusion and perception software solution in the industry.
LeddarTech’s President and CEO, Frantz Saintellemy, expressed gratitude for the continued support of partner and lender Desjardins, emphasizing the progress made in securing the necessary funding to achieve the company’s short and long-term goals. LeddarTech plans to provide an update on its third-quarter financial results on August 14.
Please note that any debt or equity securities offered and sold in the Financing Transaction may not be registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption. The company’s common shares will continue to be listed and traded on the Nasdaq Global Market under the symbol ‘LDTC,’ subject to compliance with other continued listing requirements.
For more information about LeddarTech and its innovative solutions, visit www.LeddarTech.com.