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Bedford, Mass.-based Spire (NASDAQ: SPIR) discussedr the action in a filing with the Securities and Exchanger Commissionon Wednesday. The company's borrowings on a line of credift wereabout $2.6 million. Silicon Valley Bank grantec a waiverfor Spire's defaults for not meeting quarterly liquidity and profit covenants. On the bank modified Spire'z net income covenant in exchange fora 0.75 percengt increase in the company'sx interest rate, for example. Spire lost $508,000 in the firsy quarter, compared to a net loss of $1.74 million in the year-ago period.
The company said it has a histor y of significant operating but it believes it has sufficienrt resources to continue as a goinf concern through at leastMarch 31, according to the SEC Silicon Valley Bank is owned by Santaz Clara-based (NASDAQ: SIVB).
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