SUMR Summer Infant Inc

On April 18, 2022, Summer Infant, Inc. (the “Company”) and its wholly owned subsidiary, Summer Infant (USA), Inc. (“Summer USA”), entered into Amendment No. 2 to the Loan and Security Agreement dated as of January 28, 2022, as amended by Amendment No. 1 dated as of March 16, 2022, among the Company and Summer USA. as borrowers, the guarantors from time to time party thereto, Wynnefield Partners Small Cap Value, L.P. and Wynnefield Partners Small Cap Value, L.P. I, as lenders, and Wynnefield Capital, Inc., as agent for the lenders (the “Amendment”). The Amendment modified the borrowing terms to (i) permit the Company to request a standby term loan if, on the date of notice of borrowing and the date of the borrowing, the borrowing base certificate delivered pursuant to the Company’s existing loan and security agreement with Bank of America reflects availability (as defined in such agreement) equal to or less than $5,500,000 and (ii) reduce the period of time between borrowing requests from 30 days to 5 days, provided that, at all times prior to May 15, 2022, the aggregate principal amount of standby term loans shall not exceed $4,000,000. In connection with the Amendment, the Company requested and received additional borrowings of $1,000,000. The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.