Arq revises liquidity covenants in loan amendment

Arq, Inc. entered into a fourth amendment to its Revolving Credit Agreement with MidCap Funding IV Trust and other lenders.

Rhea-AI Filing Summary

Arq, Inc. entered into a fourth amendment to its Revolving Credit Agreement with MidCap Funding IV Trust and other lenders. This amendment extends earlier changes to how borrowing availability is calculated and temporarily adjusts the company’s minimum liquidity covenant.

Under the revised covenant, Arq must maintain at least $2.0 million of liquidity from December 10, 2025 through March 31, 2026, increasing to $5.0 million starting April 1, 2026 and at all times thereafter. The full legal terms are contained in Amendment No. 4, filed as an exhibit.

Insights

Credit & Capital Structure Analyst

Arq extends covenant relief with staged liquidity requirements.

Arq has modified its Revolving Credit Agreement through a fourth amendment with MidCap Funding IV Trust and other lenders. The key change is an extension of prior adjustments to borrowing availability and a revised minimum liquidity covenant over specific dates.

The company must keep at least $2.0 million of liquidity from December 10, 2025 through March 31, 2026, rising to $5.0 million from April 1, 2026 onward. This structure indicates a period of lower required liquidity followed by a higher ongoing threshold once the transition window closes.

The amendment appears administrative and negotiated within the existing lender group, without disclosed changes to facility size or pricing in this excerpt. Future company filings may provide additional context on how these liquidity levels interact with operating needs and borrowing capacity.

8-K Event Classification

2 items: 1.01, 9.01

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did Arq, Inc. (ARQ) change in its credit agreement?

Arq, Inc. entered a fourth amendment to its Revolving Credit Agreement with MidCap Funding IV Trust and other lenders. The amendment extends prior changes to borrowing availability and updates minimum liquidity requirements over defined date ranges.

How did the minimum liquidity covenant change for Arq, Inc. (ARQ)?

The amendment sets Arq’s minimum liquidity at $2.0 million from December 10, 2025 through March 31, 2026. Starting April 1, 2026, the minimum liquidity requirement increases to $5.0 million and applies at all times thereafter under the agreement.

Which lenders are party to Arq, Inc.’s amended Revolving Credit Agreement?

The Revolving Credit Agreement is with MidCap Funding IV Trust as agent and lenders that are party to the agreement. Certain subsidiaries of Arq, Inc. are also parties, and additional entities may become guarantors under the amended structure.

When was Arq, Inc.’s Amendment No. 4 to the credit agreement dated?

Amendment No. 4 to Arq, Inc.’s Credit, Security and Guaranty Agreement is dated as of February 27, 2026. It modifies the original December 27, 2024 agreement, which had prior amendments in May 2025, December 2025, and January 2026.

Where can investors find the full terms of Arq, Inc.’s Fourth Amendment?

The complete legal terms of the Fourth Amendment are contained in Amendment No. 4, filed as Exhibit 10.1. That exhibit is part of the same SEC report and is incorporated by reference into the main disclosure for detailed review.

Does the Arq, Inc. amendment affect borrowing availability calculations?

Yes. The fourth amendment extends earlier changes to the borrowing availability calculation under the Revolving Credit Agreement. Specific calculation mechanics are not described in detail here but are governed by the language in Amendment No. 4 itself.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/03/2026 - 05:06 PM Learn about SEC filing dates

0001515156false00015151562026-02-272026-02-27

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 27, 2026

ARQ, INC.

(Name of registrant as specified in its charter)

Delaware

001-37822

27-5472457

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

8051 E. Maplewood Avenue, Suite 210, Greenwood Village, CO						80111
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code: (720) 598-3500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

Class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $0.001 per share

ARQ

Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

			Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.						☐

Item 1.01 Entry into a Material Definitive Agreement.

On February 27, 2026, Arq, Inc. (the "Company") and certain of its subsidiaries, entered into the fourth amendment (the "Fourth Amendment") to the Credit, Security and Guaranty Agreement (the "Revolving Credit Agreement"), dated December 27, 2024, as amended on May 6, 2025, December 9, 2025, and January 28, 2026, with MidCap Funding IV Trust, in its capacity as agent, the lenders from time to time party thereto, and any entities that become party thereto as Guarantors. The Fourth Amendment provides for, among other things, an extension to the amendments to the borrowing availability calculation included in the Revolving Credit Agreement, and an extension to the amendment to the Company's minimum liquidity covenant providing for decreased minimum liquidity required for the date range shown in the table below:

Applicable Dates						Minimum Liquidity Required
December 10, 2025, through March 31, 2026						$2.0 million
April 1, 2026, and at all times thereafter						$5.0 million

The foregoing description of the Fourth Amendment is only a summary of its material terms and does not purport to be complete and is qualified in its entirety by reference to the full text of the Fourth Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01						Financial Statements and Exhibits.
(d)						Exhibits

Exhibit No.						Description
10.1						Amendment No. 4, dated as of February 27, 2026, to Credit, Security and Guaranty Agreement, dated as of December 27, 2024, as amended, by and among Arq, Inc., certain subsidiaries of Arq, Inc., MidCap Funding IV Trust as agent, and the lenders from time to time party thereto.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 3, 2026

Arq, Inc.

Registrant

/s/ Robert Rasmus

Robert Rasmus

Chief Executive Officer

2

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 62.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.8 KB