07:52 AM EDT, 08/29/2024 (MT Newswires) -- Spire Global ( SPIR ) said Thursday it signed amendments on its current financing deal with Blue Torch Capital, waiving a potential default.

The amended deal waives events of default arising out of Spire's debt to EBITDA leverage ratio for fiscal quarter ended June 30 exceeding the maximum ratio, and failure to deliver the related financial statements, Spire said.

Blue Torch Capital also agreed to amend financial covenants related to leverage ratios for immediate relief, according to Spire.

The amendments entail a fee of 3.5% of the outstanding principal balance as well as a $10 million payment toward the balance by Aug. 31, the data company said. Reductions to the amendment fee would be allowed under certain pre-payment scenarios.

Spire shares were 2.9% higher in premarket trading.

Price: 8.30, Change: +0.23, Percent Change: +2.85