Item 8.01. Other Events
Zynex, Inc. has obtained a waiver of a financial covenant in its line of credit
with Marquette Healthcare Finance. The covenant was not satisfied as of
September 30, 2008 because of a previously disclosed claim and settlement of
it. In the waiver, Marquette stated that it will not take action on the
financial covenant default for the quarter ending on that date.
Marquette also stated in the letter that it will re-set the covenant for
upcoming quarters to reflect the impact of the settlement on projected revenues
for the remainder of 2008 and future years. In addition, Marquette and Zynex
amended the interest rate under the line of credit from a floating prime rate
plus 2.5% to the higher of (a) a floating prime rate plus 2.5% or (b) the
floating LIBOR rate plus 4.5%.
Add
ZYXI.OB to Portfolio
Set Alert
Email to a
Friend