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On September 12, 2025, Ekso Bionics Holdings, Inc. (the "Company") entered into a Secured Promissory Note and Security Agreement (the "Agreement"), by and among the Company, Ekso Bionics, Inc., a Delaware corporation and subsidiary of the Company (the "Subsidiary"), as guarantor, and B. Riley Commercial Capital, LLC, as lender (the "Lender").
The Agreement provides for a secured term loan in an aggregate principal amount of up to $2.0 million. The proceeds of the loan under the Agreement may be used for working capital for operations and other general corporate purposes. The loan matures on the earlier of the receipt of $2.4 million in net proceeds from the sale of the equity interests of the Company from new equity investors (a "Qualified Financing") or September 14, 2026 (the "Maturity Date"). Borrowings under the Agreement bear interest at the rate of 10.0% per annum, which shall be payable in full on the Maturity Date. On the Maturity Date, the Company shall pay to the Lender an exit fee in the amount of 10% of the original principal amount of the loan, which shall in the aggregate be $200,000 (the "Exit Fee"). The Company may prepay the obligations under the Agreement at any time in whole in part; provided, that the Company pays all accrued but unpaid interest on such portion of the principal prepaid, all interest that would have accrued through the Maturity Date on such principal amount prepaid and the portion of the Exit Fee applicable to such principal amount prepaid. The Lender may elect to convert the obligations under the Agreement, including the principal, interest and Exit Fee, into equity securities of the Company in connection with a Qualified Financing at the purchase price per share paid by the lead investor thereunder.
The obligations under the Agreement are required to be guaranteed by the Subsidiary and secured by substantially all of the personal property of the Company and the Subsidiary. The Agreement also contains customary affirmative and negative covenants, including negative covenants limiting the ability of the Company and the Subsidiary to, among other things, incur debt, grant liens, dispose of assets, and make certain restricted payments, in each case, subject to limitations and exceptions set forth in the Agreement.
Posted In: EKSO
