Current Report Filing (8-k)

Date : 10/23/2019 @ 8:17PM
Source : Edgar (US Regulatory)
Stock : Ikonics Corporation (IKNX)
Quote : 5.6  0.0224 (0.40%) @ 11:00PM
Ikonics share price Chart

Current Report Filing (8-k)

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)            October 18, 2019

 

IKONICS CORPORATION
(Exact name of registrant as specified in its charter)

 

Minnesota

000-25727

41-0730027

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

4832 Grand Avenue

Duluth, Minnesota

 

 

55807

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code  (218) 628-2217                                

 

 

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))

 

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, par value $.10 per share

IKNX

Nasdaq Capital Market

 

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. ☐

 

 

 

 

Item 1.01           Entry into a Material Definitive Agreement.

 

On October 18, 2019, IKONICS Corporation (the “Company”) received a limited waiver (the “Limited Waiver”) with respect to the Financing Agreement dated April 1, 2016 among the Duluth Economic Development Authority, Wells Fargo Bank, National Association and the Company (the “Financing Agreement”). The Limited Waiver provides a conditional waiver of the Company’s default under the Financing Agreement for failure to comply with certain financial covenants contained in the Financing Agreement, including the Company maintaining a Debt Service Coverage Ratio (as defined in the Financing Agreement) of not less than 1.25 to 1.00 as of the last day of each calendar quarter (on a rolling four quarter basis).

 

The Limited Waiver specifically relates to the Company’s default under the Financing Agreement for period of October 1, 2018 through September 30, 2019 and does not extend to any potential future defaults under the Financing Agreement.

 

 

 

 

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, thereunto duly authorized.

 

 

 

IKONICS CORPORATION

 

 

 

 

 

Date: October 23, 2019

 

/s/ Jon Gerlach

 

 

 

       Jon Gerlach

 

 

 

       Chief Financial Officer

 

           and Vice President of Finance  

 

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