SANUWAVE Gets JPMorgan Waiver on Fixed Charge Covenant, Tightens Credit Terms
SNWV sits 34% above its 52-week low of $3.92.
Summary
JPMorgan waived SANUWAVE's default on the fixed charge coverage ratio for the period ended September 30, 2026, in exchange for tighter credit terms including lender consent for acquisitions and buybacks and halved debt and investment caps.
Key Events · Legal and Risk Events · SNWV
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Covenant Default Waived by Lenders
JPMorgan Chase and the lenders waived any default or event of default arising from the fixed charge coverage ratio for the twelve months ending September 30, 2026 falling below the required 1.25 to 1.00.
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Credit Terms Tightened in Exchange
Lender prior written consent is now required for any Permitted Acquisition and for Restricted Payments to repurchase the Company's equity, subject to exceptions in the Amendment.
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Debt and Investment Caps Halved
Permitted other secured indebtedness and permitted subsidiary investments were each lowered from $500,000 to $250,000, and the Company agreed to pay a $5,000 amendment fee.
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Waiver Covers Only This Test Period
The waiver applies solely to the fixed charge coverage ratio for the period ending September 30, 2026 and does not extend to any other or subsequent failure to comply.
Analysis · SNWV · Industrial Applications And Services
SANUWAVE missed the fixed charge coverage ratio test (minimum 1.25 to 1.00) for the twelve months ended September 30, 2026, and JPMorgan Chase, as administrative agent, waived the resulting default. That removes an immediate event-of-default overhang, but the price is tighter control: lender consent is now required for acquisitions and for share buybacks, and the caps on permitted other secured debt and subsidiary investments were each halved from $500,000 to $250,000. The company also paid a $5,000 amendment fee. The waiver covers only this specific test period and does not apply to any later breach, so the covenant remains a live constraint. This lands on top of previously disclosed pressure: the September 25, 2026 Nasdaq delisting notice for failing to hold $50 million in minimum market value of listed securities and the August 6, 2026 withdrawal of FY2026 guidance.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 38.5% of the 1020 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SNWV was trading at $5.27 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $45.3M. The 52-week trading range was $3.92 to $36.20. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.