U.S. Department of the Treasury: Semantic AI, "Transaction Summary"

Summary

Treasury's transaction summary for Semantic AI, Inc., which the U.S. Department of the Treasury agreed to lend $506,300 as a business critical to maintaining national security with approximately 51 U.S. employees in March 2020. The loan was made pursuant to section 4003(b)(3) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, with all the assets of the Company as security, an annual rate of LIBOR plus 3.5% and a maturity of November 13, 2025. Treasury funded the full loan amount at close, for liquidity to continue the Company's operations. The agreement includes CARES Act covenants on employee compensation, stock repurchases, dividends and employment levels, and the loan is senior indebtedness carrying 3% payment-in-kind annual interest.

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“U.S. Department of the Treasury: Semantic AI, ‘Transaction Summary.’” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-semantic-ai-transaction-summary-7413cd1d6f/, SHA-256 4a385e986cdc4a1f72f0fc02e94863c996d7065cf0967877de813250427a53c6.

Full text

                                     Transaction Summary

The U.S. Department of the Treasury agreed to make a loan totaling $506,300 to Semantic AI,
Inc. (the Company), a business critical to maintaining national security with approximately 51
U.S. employees in March 2020.

Treasury made the loan pursuant to section 4003(b)(3) of the Coronavirus Aid, Relief, and
Economic Security (CARES) Act. The loan is secured by all the assets of the Company. It has
an annual interest rate equal to LIBOR plus 3.5% and matures on November 13, 2025. Treasury
funded the full loan amount at close. The loan proceeds will be used to provide liquidity to
continue the Company’s operations. The transaction agreement includes covenants by the
Company to comply with certain restrictions on employee compensation, stock repurchases,
dividends, and reductions in employment levels, as required by the CARES Act. The loan
constitutes senior indebtedness of the Company, and Treasury will receive 3% payment-in-kind
annual interest on the loan in accordance with section 4003(d) of the CARES Act.

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Our copy: TREAS-Semantic-AI-Transaction-Summary.pdf
Original: home.treasury.gov