Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events

Subsequent Events

23.Subsequent Events

Effective January 18, 2017, the Company and Tengram Capital Partners Fund II, L.P., which is affiliated with certain Tengram entities that are major stockholders of the Company, amended the maturity date of the 3.75% the Convertible Note, principal amount $13.0 million, originally issued on July 18, 2016 to Tengram. Pursuant to the amendment, the maturity date of the Convertible Note was extended to July 18, 2017. The Company had issued the Convertible Note to finance the acquisition of SWIMS. By its original terms, the Convertible Note was scheduled to convert on the maturity date of January 18, 2017 to the extent not repaid in cash on or prior to such date, into up to 4,500,000 newly issued shares of the Company’s Series A-1 Preferred Stock at a conversion price of $3.00 per share. Following this amendment, all other terms of the Convertible Note remain the same, including the conversion of the Convertible Note upon the extended maturity date.

On March 27, 2017, the Company entered into (i) Amendment No. 2 to the Term Credit Agreement to modify certain defined terms, add a liquidity covenant, and revise certain existing covenants and (ii) Amendment No. 2 to the ABL Credit Agreement to confirm certain defined terms to those in Amendment No. 2 in the Term Credit Agreement.