MariaDB Strikes Restructuring Deal Amid Default

MariaDB (MRDB) has released an update to notify the public and investors about an entry into a material definitive agreement.

MariaDB plc defaulted on a $26.5 million senior secured promissory note, triggering negotiations for a restructuring deal involving a convertible preferred equity financing to replace the note. A Forbearance Agreement with RP Ventures, which includes a temporary halt on exercising default remedies until February 21, 2024, and certain fees paid by MariaDB, allows time for potential restructuring. The agreement also imposes restrictions on the company, such as barring alternative transaction discussions, and requires good faith negotiations to finalize the restructuring transaction. However, there’s no certainty that an agreement will be reached or that RP Ventures won’t pursue default remedies post-forbearance.

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For a comprehensive understanding of the announcement, you can read the full document here.