FlexShopper Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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CURRENT REPORT ON FORM 8-K
FlexShopper, Inc. (the “Company”)
May 1, 2025
Item 1.01. Entry into a Material Definitive Agreement.
Amendments to Waterfall Asset Management, LLC Credit Agreement
On March 27, 2024, the Company, through FlexShopper 2, LLC, its a wholly-owned subsidiary (the “Borrower”), entered into a new Credit Agreement with Computershare Trust Company, National Association as paying agent, various lenders from time to time party thereto and Powerscourt Investments 50, LP (the “Lender”), an affiliate of Waterfall Asset Management, LLC, as administrative agent and the lender (the “2024 Credit Agreement”). The Borrower is permitted to borrow funds under the 2024 Credit Agreement based on the Company’s cash on hand and the Amortized Order Value of its Eligible Leases (as such terms are defined in the 2024 Credit Agreement), less certain deductions described in the 2024 Credit Agreement.
On April 9, 2025, pursuant to Amendment No. 1 to Credit Agreement between FlexShopper 2, LLC, as borrower, and Powerscourt Investments 50, LP, as administrative agent and the lender, the Commitment Amount under the 2024 Credit Agreement was increased to $155,000,000.
On May 1, 2025, Amendment No. 2 to Credit Agreement between FlexShopper 2, LLC, as borrower, and Powerscourt Investments 50, LP, as administrative agent and the lender, dated as of April 30, 2025, was executed by the parties. This amendment increased the Commitment Amount to $200,000,000, and extended the Commitment Termination Date (as defined in the 2024 Credit Agreement) to April 29, 2028. Entering into this amendment included a commitment fee equal to 1% of the aggregate Commitments as of April 30, 2025, payable in 12 equal monthly installments on each Interest Payment Date (as defined) commencing on the May 2025 Interest Payment Date.
The foregoing summary is qualified in its entirety by reference to the full text of each of Amendment No. 1 to Credit Agreement and Amendment No. 2 to Credit Agreement, attached as Exhibits 10.1 and 10.2, respectively, each of which is incorporated herein in its entirety.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The exhibit listed in the following Exhibit Index is filed as part of this current report.
| Exhibit No. | Description | |
| 10.1 | Amendment No. 1 to Credit Agreement, dated as of April 9, 2025, between FlexShopper 2, LLC, as borrower and Powerscourt Investments 50, LP, as administrative agent and lender. | |
| 10.2 | Amendment No. 2 to Credit Agreement, dated as of April 30, 2025, between FlexShopper 2, LLC, as borrower and Powerscourt Investments 50, LP, as administrative agent and lender. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FLEXSHOPPER, INC. | |||
| Dated: May 8, 2025 | By: | /s/ H. Russell Heiser, Jr. | |
| Name: | H. Russell Heiser, Jr. | ||
| Title: | Chief Executive Officer | ||
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