Company Favorably Amends East West Bank Loan and Remaining 21 April Fund Note

FREMONT, Calif., Feb. 11, 2021 (GLOBE NEWSWIRE) —


Identiv, Inc.



(NASDAQ: INVE)

, a global leader in digital security and identification, today announced that the company has amended its short term debt facility with East West Bank (“EWB”) and the second of two promissory notes to 21 April Fund to ensure the company has access to the working capital required to support its anticipated growth in 2021.

On February 8, 2021, Identiv entered into a two-year extension of its current loan and security agreement with EWB. The extension includes:

• Lower interest rates of prime + 25bps for the first half of 2021, which will subsequently decrease to prime with no floor if compliance is maintained with all covenants
• A one-year increase in the total facility from $20 million to $24 million
• No additional warrants
  

Additionally, the company modified the maturity date of its remaining short term note with 21 April Fund to March 31, 2021. The amendment, which is interest free and contains no additional warrants, provides Identiv with flexible access to capital during the first quarter.

Both amendments have resulted in improvements to Identiv’s working capital, which will support the company’s anticipated growth in 2021.

“With positive cash flow from operations in the fourth quarter of 2020, we were able to pay down debt and leave capacity on our revolver untapped at year end,” said Identiv’s CFO, Sandra Wallach. “By reducing our interest rates, we’ve decreased our borrowing costs, and we expect to further reduce these costs by paying down debt from cash flows during 2021. These improvements to our balance sheet have placed us in a stronger position to capitalize on the tailwinds driving our business in 2021 and beyond. We appreciate the continued confidence from our partners at East West Bank and our long-term investors.”

About Identiv


Identiv, Inc. is a global leader in digitally securing the physical world. Identiv’s platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security. Identiv is a publicly traded company, and its common stock is listed on the NASDAQ Stock Market LLC in the U.S. under the symbol “INVE.” For more information, visit

identiv.com

.

Note Regarding Forward-Looking Information


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of the Company’s management and can be identified by words such as “anticipates”, “believes”, “plans”, “will”, “intends”, “expects”, and similar references to the future. Any statement that is not a historical fact, including statements regarding the Company’s beliefs regarding the benefits of the amendments to its short term debt facility and its promissory note, the Company’s beliefs regarding its access to working capital, working capital needs, and the potential uses of its working capital, the Company’s beliefs regarding its expected growth, its expectation that it will pay down borrowings from cash flows, and the Company’s belief that the improvements to its balance sheet have placed it in a stronger position to capitalize on the tailwinds driving its business in 2021 and beyond is a forward-looking statement. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to the Company’s ability to continue the momentum in its business, its ability to successfully execute its business strategy, the level and timing of customer orders, the success of its products and partnerships, industry trends and seasonality, the impact of COVID-19, and factors discussed in its periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.

Investor Relations Contact:


Matt Glover and Charlie Schumacher

Gateway Investor Relations

+1 949.574.3860


[email protected]

Media Contact:



[email protected]