Maison Solutions (NASDAQ:MSS) Enters into Agreements Modifying Senior Secured Note and Guarantees

Maison Solutions Inc. (NASDAQ:MSS) recently announced significant developments regarding its financial agreements. On October 21, 2024, the company, along with its subsidiary AZLL LLC and the Holders, entered into several amendments and agreements, as outlined in an 8-K filing with the U.S. Securities and Exchange Commission.

The First Amendment to the Senior Secured Note Agreement, dated October 21, 2024, modified the existing Senior Secured Note Agreement, originally dated April 8, 2024. This amendment reflects the Lee Lee Reorganization and introduces adjustments to cure periods in case of an “Event of Default.” Additionally, certain covenants and representations pertaining to the Lee Lee Reorganization were included.

Following the First Amendment, on the same day, Maison Solutions, Lee Lee, AZLL, and the Holders entered into the Second Amendment to the Senior Secured Note Agreement. This amendment increased the annual interest rate to 10% on the outstanding Principal Amount, effective from October 8, 2024, and adjusted the payment schedule for principal and interest amounts.

Furthermore, an amendment was made to the Security Agreement via the First Amendment to the Security Agreement, reflecting the Lee Lee Reorganization and addressing related matters. Additionally, the AZLL Guarantee Amendment and the Xu Guarantee Amendment were executed to amend the Guarantee of Note Agreements concerning AZLL and the Xu Guarantors, respectively, in connection with the Lee Lee Reorganization.

The agreements aim to refine existing terms in light of the Lee Lee Reorganization, with provisions for waiver and surrender of certain defenses, causes, or remedies that may arise due to these structural changes. The full texts of these amendments and agreements are available in the 8-K filing submitted to the SEC.

These adjustments underline Maison Solutions’ commitment to navigating changes within its organizational structure and financial obligations. Investors and stakeholders are encouraged to review the complete details provided in the respective filings.

The company has not provided any further comments regarding these developments or their potential impact on its operations or financial performance.

This release can be seen as part of Maison Solutions’ ongoing efforts to navigate its financial landscape strategically and adapt to changing circumstances in the business environment. Such meticulous adjustments reflect the company’s commitment to upholding its financial agreements effectively.

Contacts for further information can be directed to the Investor Relations team at [email protected] or contacted via phone at (866) 902-0063.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Maison Solutions’s 8K filing here.

Maison Solutions Company Profile

Maison Solutions Inc, together with its subsidiaries, operates as the specialty grocery retailer in California. The company offers perishable products, such as meat, seafood, vegetables, and fruit; non-perishable products, including grocery products comprising cooking utensils, canned foods, Chinese and Asian seasonings and spices, and snacks, as well as liquor, cigarette, lottery, newspaper, reusable bag, non-food, and health products, and general merchandise, beauty care, pharmacy, fuel, and other items and services in its stores.