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6-K: Report of foreign private issuer (related to financial reporting)

SEC ·  Aug 15 05:28

Summary by Moomoo AI

LeddarTech Holdings Inc. (LeddarTech), a Canadian company specializing in AI automotive software, announced its financial results for the three and nine-month periods ending June 30, 2024, and provided an update on its financing activities. The company reported a net loss of $7.5 million for Q3 2024 and $85.3 million for the nine-month period. Despite the losses, LeddarTech secured an agreement in principle for a bridge debt financing of US$9.0 million from principal shareholders and its principal lender, Fédération des caisses Desjardins du Québec (Desjardins), to support near-term obligations while seeking US$35.0 million in additional equity capital. The bridge financing is split into two tranches, with the first tranche of US$6.0 million expected around August 19, 2024, and the second tranche of US...Show More
LeddarTech Holdings Inc. (LeddarTech), a Canadian company specializing in AI automotive software, announced its financial results for the three and nine-month periods ending June 30, 2024, and provided an update on its financing activities. The company reported a net loss of $7.5 million for Q3 2024 and $85.3 million for the nine-month period. Despite the losses, LeddarTech secured an agreement in principle for a bridge debt financing of US$9.0 million from principal shareholders and its principal lender, Fédération des caisses Desjardins du Québec (Desjardins), to support near-term obligations while seeking US$35.0 million in additional equity capital. The bridge financing is split into two tranches, with the first tranche of US$6.0 million expected around August 19, 2024, and the second tranche of US$3.0 million around October 15, 2024, subject to conditions. The company also entered into a Twelfth Amending Agreement with Desjardins, extending the Minimum Cash Covenant requirement and adjusting the cash balance obligations. LeddarTech's financial position includes total liabilities of $97.2 million and a shareholders' deficiency of $11.3 million as of June 30, 2024. The company is taking steps to address material weaknesses in its internal control over financial reporting and is considered an emerging growth company and a foreign private issuer, which exempts it from certain SEC rules.

This announcement is a separate document:

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