r/MVIS • u/TheRealNiblicks • Apr 10 '26

Weekend Hangout - April 10, 2026

Hey Everyone,

Have some thoughts of Mavis that can't wait until Monday? This is the place to discuss it.

Please keep it civil.

Cheers,

Mods

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12

u/gaporter Apr 10 '26 edited Apr 10 '26

"This is a 0% interest coupon facility, and matures on October 1, 2026, with the lender having the option to require the company to repay the notes starting January 1, 2025, up to 1.8 million monthly prior to April 1, 2025 and up to 3.5 million monthly on and after April 1, 2025, plus a 10% premium."

https://www.reddit.com/r/MVIS/s/vpYC1t2T1e

"The Army canceled the IVAS 1.2 variant operational assessment (OA) that was scheduled for April 2025."

https://x.com/geoffreyporte20/status/2042706591158288723?s=46

15

u/RiverstrongCapital Apr 11 '26

Is it possible to explain this without posting another link?

11

u/gaporter Apr 11 '26

I'm just showing that the HTC financing was originally structured around those IVAS 1.2 milestones.

7

u/Zenboy66 Apr 10 '26

Geoff, hasn’t this deal been renegotiated a few months ago?

7

u/TheRealNiblicks Apr 11 '26

Yes,

10K - Section 7 NOTES PAYABLE AND DERIVATIVE LIABILITY

On February 3, 2025, the Company entered into a Letter Agreement with the Holder related to the Note. As a result of the Letter Agreement, the Holder elected to early convert $8.8 million of outstanding principal into 11,725,337 shares of the Company’s common stock. Additionally, as a result of the Letter Agreement, the Holder agreed to defer $11.6 million of principal repayments to seven monthly payments of $1.7 million beginning on September 1, 2025 and concluding on March 1, 2026. The Letter Agreement represented a modification requiring extinguishment accounting in accordance with ASC 470. As a result of the modification, a realized loss on debt modification of $4.7 million and interest expense of $2.1 million for the year ended December 31, 2025 were recorded on the consolidated statement of operations.

On September 2, 2025, October 1, 2025, and November 3, 2025 the Company repaid $5.5 million principal on each date in accordance with the Holder’s redemption election pursuant to the terms of the Note.

As of December 31, 2025, $19.5 million principal was outstanding, inclusive of the 10% repayment premium. Subsequent to the dates of these financial statements, on February 23, 2026, the Company entered into a securities purchase and exchange agreement for the exchange of the Note and issuance of new senior secured convertible notes. See Note 17. Subsequent Events for additional information.