Summary by Moomoo AI
On October 9, 2024, Staffing 360 Solutions entered into Amendment No. 31 to its Credit and Security Agreement with MidCap Funding IV Trust. The amendment revises the Additional Reserve Amount, increasing it progressively from $960,000 to $1,020,000 between October 9 and December 5, 2024. It also expands the definition of "Permitted Debt" to include up to $2 million in obligations from a March 2024 Settlement Agreement.In exchange for the amendment, Staffing 360 Solutions agreed to pay MidCap a non-refundable modification fee of $190,000. This fee will be considered part of the company's obligations under the Credit Agreement and secured by all collateral. The amendment aims to provide Staffing 360 Solutions with increased financial flexibility while maintaining its credit relationship with MidCap.