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Technology / AI and automation

SEEQ RECEIVE EXTENSION ON BANK CREDIT

Seeq Technology Inc, Fremont, California has won a six month extension of its $5m bank-credit agreement with Silicon Valley Bank; the agreement expired on February 15 and now matures on September 30. On February 24, company borrowings under the credit agreement totaled $4.3m and the chip designer says that as a result of getting this new credit agreement, restructuring of key equipment leases, and the company’s return to profitability in the first fiscal quarter to December 31, it believes substantial progress has been made toward killing doubt about its ability to continue as a going concern.

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CBR Staff Writer

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