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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
Date of Report (Date of earliest event reported):
October 20, 2025
| KATAPULT HOLDINGS, INC. |
| (Exact name of registrant as specified in its charter) |
| Delaware |
|
001-39116 |
|
84-2704291 |
|
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
|
5360 Legacy Drive, Building 2
Plano, TX |
|
75024 |
| (Address of principal executive offices) |
|
(Zip Code) |
| (833) 528-2785 |
| (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, par value $0.0001 per share |
|
KPLT |
|
The Nasdaq Stock Market LLC |
| Redeemable Warrants |
|
KPLTW |
|
The Nasdaq Stock Market LLC |
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 October 20, 2025, Katapult Holdings, Inc. (the
“Company”) entered into the Limited Waiver (the “Fourth Limited Waiver”) to our Amended and Restated Loan
and Security Agreement, dated as of June 12, 2025 (as amended, amended and restated, supplemented, revised, or otherwise modified
from time to time, including pursuant to that certain Limited Waiver dated September 15, 2025 (the “First Limited
Waiver”), that certain Limited Waiver dated September 29, 2025 (the “Second Limited Waiver”) and that certain
Limited Waiver dated October 13, 2025 (the “Third Limited Waiver”), the “Loan Agreement”), by and among
Katapult SPV-1 LLC, Katapult Group, Inc., the Company (each a “Credit Party” and, together, the “Credit
Parties”), Midtown Madison Management LLC, as administrative, payment and collateral agent and lender, and the lenders party
thereto (the “Lenders”) in response to the Credit Parties’ failure to maintain Minimum Trailing Three-Month
Originations as of the last business day of (x) the calendar month ended August 31, 2025 and (y) the calendar month ended September
30, 2025 as required by the Loan Agreement. The Fourth Limited Waiver, among other things, temporarily waives the Existing Default
(as defined in the Fourth Limited Waiver) until October 27, 2025. Notwithstanding the waiver of the Existing Default pursuant to the
Fourth Limited Waiver, the Existing Default is deemed to have occurred and be continuing for purposes of the Conversion Rights (as
defined in the Loan Agreement) and therefore the Class B Lenders (as defined in the Loan Agreement) and their assignees shall be
entitled, at any time on or after the date hereof, to convert up to one hundred percent (100%) of the amount outstanding under the
Term Loan (as defined in the Loan Agreement) into shares of common stock, par value $0.0001 per share of the Company (“Common
Stock”), at the Conversion Rate (as defined in the Loan Agreement). The number of shares of Common Stock issuable upon
exercise of the Conversion Rights is calculated on the basis of the average of the daily volume weighted average prices of the
Common Stock for the twenty (20) consecutive trading days (the “20-day VWAP”) ending on the date of conversion, subject,
in certain cases, to a specified discount. As of the date hereof, the 20-day VWAP through the last completed trading day of October
17, 2025 is approximately $14.49.
This description of the Fourth
Limited Waiver does not purport to be complete, and is subject to and qualified in its entirety
by reference to the full text of the Fourth Limited Waiver, which is attached as Exhibit
10.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
|
Exhibit |
| 10.1 |
|
Limited Waiver, dated as of October 20, 2025, by and among Katapult SPV-1 LLC, Katapult Group, Inc, Katapult Holdings, Inc., Midtown Madison Management LLC and the lenders party thereto. |
| 104 |
|
Cover Page Interactive Data File (embedded within the inline XBRL document) |
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: |
October 20, 2025 |
/s/ Orlando Zayas |
| |
|
Name: |
Orlando Zayas |
| |
|
Title: |
Chief Executive Officer |
