Current Report Filing (8-k)
September 15 2020 - 04:22PM
Edgar (US Regulatory)
0000887247
false
0000887247
2020-09-14
2020-09-14
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 14, 2020
ADAMIS PHARMACEUTICALS CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware
|
|
0-26372
|
|
82-0429727
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification No.)
|
|
|
|
|
|
11682 El Camino Real, Suite 300
San Diego, CA
|
|
|
|
92130
|
(Address of Principal Executive Offices)
|
|
|
|
(Zip Code)
|
Registrant’s telephone number, including
area code: (858) 997-2400
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
ADMP
|
NASDAQ Capital Market
|
Item 1.01
|
Entry Into a Material Definitive Agreement.
|
On September
14, 2020, Adamis Pharmaceuticals Corporation (the “Company”) entered into an amendment (the
“Amendment”) to its loan amendment and assumption agreement with Arvest Bank, as successor in interest to Bear
State Bank, N.A. (“Lender” or the “Bank”), and a related amended and restated promissory note (the
“Note”). The Amendment amends the Business Loan Agreement (as modified, amended or supplemented, the “Loan
Agreement”), promissory note and related loan documents (as modified, amended or supplemented, the “Loan
Documents”) that the Company assumed or entered into in connection with its acquisition of U.S. Compounding, Inc. in
2016. The Amendment memorializes and reflects the extension of the maturity date of the indebtedness evidenced by the Loan
Agreement, the Note and the Loan Documents to August 8, 2021. The Note bears interest at a rate equal to the lesser of: (a)
the maximum rate of interest which the Bank may lawfully charge under applicable law, or (b) a rate equal to the sum of the
prime commercial rate of interest as reflected in the Wall Street Journal charged by banks in New York, New York on August 1,
2020, as adjusted daily, plus 2.5%, provided, however, that the interest rate at any time during the term of the Note will
not be less than 6.0% per annum. The Company will make monthly payments of principal and interest based on a 168-month
amortization period, with the remaining outstanding principal balance and any accrued unpaid interest and any other sums
payable under the Note or Loan Documents due on the maturity date described above. The Note provides for a late charge fee
with respect to any installment payment not received by the Bank within 10 days after the due date of the installment. The
Note is subject to customary event of default and acceleration provisions permitting Lender to declare all outstanding
indebtedness due and payable, including without limitation following failure to pay amounts due, bankruptcy filings or
similar insolvency or reorganization proceedings, and defaults by the Company under the terms of the security agreement,
mortgage, guaranties or similar agreements or documents relating to the Note. The other terms of the Loan Agreement were not
amended in any material respect.
Item 2.03
|
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
|
The information set forth in Item 1.01
is incorporated by reference into this Item.
Item 9.01
|
Financial Statements and Exhibits
|
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
ADAMIS PHARMACEUTICALS CORPORATION
|
|
|
|
|
|
|
|
|
|
Dated: September 15, 2020
|
By:
|
/s/ Robert O. Hopkins
|
|
|
Name: Robert O. Hopkins
|
|
|
Title: Chief Financial Officer
|
Adamis Pharmaceuticals (NASDAQ:ADMP)
Historical Stock Chart
From Feb 2024 to Mar 2024
Adamis Pharmaceuticals (NASDAQ:ADMP)
Historical Stock Chart
From Mar 2023 to Mar 2024