SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry Into a Definitive Material Agreement.
On August 4, 2023, we, Air Industries Group, entered into a Fifth Amendment to Loan and Security Agreement with Webster Bank. In the Amendment, Webster Bank waived the event of default caused by our failure to meet the Fixed Charge Coverage Ratio for the Fiscal Quarter ended March 31, 2023 and decreased the required Fixed Coverage Charge Ratio to 0.95 to 1.00 for the Fiscal Quarters ending June 30, 2023 and September 30, 2023. Additionally, the Fifth Amendment increased the amount of purchase money secured debt (including capital leases) we are allowed to have outstanding at any time to $2,000,000. In connection with these changes, we paid an amendment fee of $10,000.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Fifth Amendment to Loan and Security Agreement with Webster Bank, National Association, successor by merger to Sterling National Bank | |
| 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.
Dated: August 9, 2023
| AIR INDUSTRIES GROUP | ||
| By: | /s/ Michael Recca | |
|
Michael Recca Chief Financial Officer | ||
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