EKSO Gets $2M Secured Loan; 10% Interest and 10% Exit Fee Raise Cost

Rhea-AI Filing Summary

Ekso Bionics Holdings, Inc. entered a Secured Promissory Note and Security Agreement with B. Riley Commercial Capital, LLC providing a secured term loan facility of up to $2.0 million to be used for working capital and general corporate purposes. Borrowings accrue interest at 10.0% per annum payable at maturity and the company will owe an Exit Fee equal to 10% of original principal ($200,000) if the loan matures. The loan matures upon the earlier of a Qualified Financing raising $2.4 million net proceeds or September 14, 2026. The lender may convert outstanding obligations into equity in connection with a Qualified Financing. The obligations are guaranteed by Ekso Bionics, Inc. and secured by substantially all personal property, and the agreement includes customary covenants, events of default and a potential default interest of +5.0% per annum above the base rate. The company simultaneously repaid and terminated its prior $2.0 million loan agreement with Banc of California.

Positive

• Immediate liquidity available: Up to $2.0 million in committed financing to support operations and working capital
• Conversion feature: Lender may convert obligations into equity in a Qualified Financing, potentially reducing cash repayment pressure
• Prior debt retired: The company paid off and terminated its prior $2.0 million loan with Banc of California, replacing it with this facility

Negative

• High financing cost: 10.0% interest plus a 10% exit fee (aggregate $200,000 on full principal) increases cash outflow or dilutive conversion risk
• Heavy collateral and covenants: Secured by substantially all personal property and includes negative covenants that limit indebtedness, asset dispositions and certain payments
• Significant default remedies: Cross-defaults, material adverse effect triggers and a default interest rate of 5.0% above the base rate raise downside exposure

Insights

Financial Analyst

TL;DR: Ekso secured short-term liquidity via a $2.0M secured facility, but at a high effective cost and with material collateral and covenant constraints.

The facility provides immediate working capital flexibility and preserves near-term operations. Key economics include a 10% cash interest rate and a 10% exit fee, producing a high effective financing cost if held to maturity. Conversion rights could reduce cash repayment risk in a successful equity raise, but dilution risk exists if converted at Qualified Financing prices. The lender holds broad security and covenants that could restrict operational flexibility until repaid or refinanced.

Corporate Governance / Risk Analyst

TL;DR: The agreement creates secured creditor priority and increased covenant monitoring, raising governance and default risk if performance weakens.

The loan is guaranteed by the principal operating subsidiary and secured by substantially all personal property, which elevates creditor control over company assets. Standard default triggers, cross-default provisions and a punitive default interest spread heighten downside risk. Termination of the prior Banc of California loan simplifies the capital structure but replaces one secured obligation with another bearing higher fees and tighter lender remedies.

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UNITED STATES

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

September 12, 2025

Date of Report (date of earliest event reported)

Ekso Bionics Holdings, Inc.

(Exact name of registrant as specified in its charter)

Nevada	001-37854	99-0367049
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
101 Glacier Point, Suite A         San Rafael         California		94901
(Address of Principal Executive Offices)		(Zip Code)

(510) 984-1761

Registrant's telephone number, including area code

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 (see General Instruction A.2. below):

☐ 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:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	EKSO	NASDAQ Capital 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 September 12, 2025, Ekso Bionics Holdings, Inc. (the “Company”) entered into a Secured Promissory Note and Security Agreement (the “Agreement”), by and among the Company, Ekso Bionics, Inc., a Delaware corporation and subsidiary of the Company (the “Subsidiary”), as guarantor, and B. Riley Commercial Capital, LLC, as lender (the “Lender”).

The Agreement provides for a secured term loan in an aggregate principal amount of up to $2.0 million. The proceeds of the loan under the Agreement may be used for working capital for operations and other general corporate purposes. The loan matures on the earlier of the receipt of $2.4 million in net proceeds from the sale of the equity interests of the Company from new equity investors (a “Qualified Financing”) or September 14, 2026 (the “Maturity Date”). Borrowings under the Agreement bear interest at the rate of 10.0% per annum, which shall be payable in full on the Maturity Date. On the Maturity Date, the Company shall pay to the Lender an exit fee in the amount of 10% of the original principal amount of the loan, which shall in the aggregate be $200,000 (the “Exit Fee”). The Company may prepay the obligations under the Agreement at any time in whole in part; provided, that the Company pays all accrued but unpaid interest on such portion of the principal prepaid, all interest that would have accrued through the Maturity Date on such principal amount prepaid and the portion of the Exit Fee applicable to such principal amount prepaid. The Lender may elect to convert the obligations under the Agreement, including the principal, interest and Exit Fee, into equity securities of the Company in connection with a Qualified Financing at the purchase price per share paid by the lead investor thereunder.

The obligations under the Agreement are required to be guaranteed by the Subsidiary and secured by substantially all of the personal property of the Company and the Subsidiary. The Agreement also contains customary affirmative and negative covenants, including negative covenants limiting the ability of the Company and the Subsidiary to, among other things, incur debt, grant liens, dispose of assets, and make certain restricted payments, in each case, subject to limitations and exceptions set forth in the Agreement.

The Agreement contains various customary events of default that include, among others, non-payment of principal, interest or fees, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, cross default to contractual obligations, occurrence of a material adverse effect, bankruptcy and insolvency events, material judgments, and events constituting a change of control, subject to thresholds and cure periods as set forth in the Agreement. Upon the occurrence and during the continuance of an event of default, the lenders may accelerate the Company’s obligations under the Agreement (including the Exit Fee and all interest that would have been due on the Maturity Date) and may exercise certain other rights and remedies provided for under the Agreement, the other loan documents and applicable law. Under certain circumstances, a default interest rate will apply on all obligations during the existence of an event of default under the Agreement at a per annum rate equal to 5.00% above the otherwise applicable interest rate.

The foregoing description of the Agreement is a summary and is qualified in its entirety by the terms and conditions of the Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

An affiliate of the Lender may in the future provide certain commercial banking, financial advisory, and investment banking services in the ordinary course of business for the Company, its subsidiaries and certain of its affiliates, for which they will receive customary fees and commissions.

Item 1.02 Termination of a Material Definitive Agreement.

On September 12, 2025, in connection with the entry into the Agreement, the Company paid off all obligations under and terminated that Loan and Security Agreement, dated as of August 17, 2020, by and between the Company, the Subsidiary and Banc of California, a California state-chartered bank (formerly known as Pacific Western Bank), which provided for a loan in an aggregate principal amount of $2.0 million.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d)         Exhibits

Exhibit		Description
10.1		Secured Promissory Note and Security Agreement, dated as of September 12, 2025, by and among Ekso Bionics Holdings, Inc. as the borrower, Ekso Bionics, Inc., as guarantor, and B. Riley Commercial Capital, LLC, as lender.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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.

	EKSO BIONICS HOLDINGS, INC.
	By:	/s/ Jerome Wong
	Name:	Jerome Wong
	Title:	Chief Financial Officer
	Dated:	September 17, 2025

FAQ

What is the size and purpose of the loan secured by Ekso Bionics (EKSO)?

Up to $2.0 million in a secured term loan to be used for working capital and general corporate purposes.

What are the interest rate and fees on the Ekso Bionics (EKSO) facility?

Borrowings bear 10.0% per annum interest payable at maturity and a 10% Exit Fee equal to $200,000 if the full principal is outstanding at maturity.

When does the Ekso Bionics (EKSO) loan mature and what accelerates repayment?

The loan matures on the earlier of receipt of $2.4 million net proceeds from a Qualified Financing or September 14, 2026; events of default allow lender acceleration.

Is the new loan secured or guaranteed?

Yes. The obligations are guaranteed by Ekso Bionics, Inc. and secured by substantially all personal property of the company and the guarantor.

Did Ekso Bionics (EKSO) replace prior debt with this facility?

Yes. On September 12, 2025 the company paid off and terminated a prior $2.0 million loan agreement with Banc of California.