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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
The Company evaluated subsequent events through the date the condensed consolidated financial statements were issued, for events requiring adjustment to or disclosure in these condensed consolidated financial statements. Except as discussed below, there are no events that require adjustment to or disclosure in these condensed consolidated financial statements.

At the Special Meeting of Stockholders of the Company, held on August 6, 2025, the Company’s stockholders approved, for purposes of complying with Nasdaq Listing Rules, the issuance of shares of our Common Stock issuable upon the exercise of the Blue Owl Warrants and upon the Term Loan Conversion. As a result, (i) the maturity date of the Refinancing Agreement became December 31, 2026, (ii) the Blue Owl Warrants became immediately exercisable and (iii) the Term Loan Conversion became exercisable on earliest to occur of (i) June 30, 2026 or (ii) the occurrence of an Event of Default that is then continuing under and as defined in the Refinancing Agreement.

On August 5, 2025, the Company entered into the Limited Waiver to our Amended and Restated Loan and Security Agreement (“The Limited Waiver”), dated as of June 12, 2025, by and among Katapult SPV-1 LLC, Katapult Group, Inc., the Company, Midtown Madison Management LLC, as administrative, payment and collateral agent and lender, and the lenders party thereto which, among other things, waived the Company's failure to maintain the required Minimum Trailing Three-Month Net Originations as of July 31, 2025, as required by the Refinancing Agreement and the other Refinancing Documents, resulting in the occurrence of a Default and/or Event of Default under the Refinancing Agreement.

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to the Company beginning in 2025. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. We are in the process of evaluating the impact of the Act to our Consolidated Financial Statements.