Digerati Technologies Inc (DTGI) has released an update to notify the public and investors about an entry into a material definitive agreement.
Digerati Technologies, Inc. and its subsidiaries have secured a Third Forbearance Agreement with Post Road, extending the maturity date of their term loan and temporarily halting creditors’ rights to take action on specific defaults until November 17, 2024. The agreement allows for amendments such as accruing interest to the loan’s principal, adjusting financial covenants, and enabling new debt under a Revolving Credit Facility. Concurrently, the company negotiated extensions and forbearance terms with holders of convertible notes and other promissory notes, ensuring all parties agreed to defer payments and forbear from exercising default-related rights until the end of 2024.
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For a comprehensive understanding of the announcement, you can read the full document here.
