Washington, D.C. 20549







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


(Exact name of registrant as specified in its charter)





(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)


4832 Grand Avenue

Duluth, Minnesota




(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



Name of each exchange on which registered

Common Stock, par value $.10 per share


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.







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.










Date: October 23, 2019


/s/ Jon Gerlach




       Jon Gerlach




       Chief Financial Officer


           and Vice President of Finance  


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