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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/04/20 Americas Carmart Inc. 8-K:1,2,9 10/29/20 11:302K Globenewswire Inc./FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 29K 2: EX-4.2 Instrument Defining the Rights of Security Holders HTML 57K 7: R1 Cover HTML 49K 9: XML IDEA XML File -- Filing Summary XML 11K 6: XML XBRL Instance -- f8k_110420_htm XML 15K 8: EXCEL IDEA Workbook of Financial Reports XLSX 6K 4: EX-101.LAB XBRL Labels -- crmt-20201029_lab XML 96K 5: EX-101.PRE XBRL Presentations -- crmt-20201029_pre XML 64K 3: EX-101.SCH XBRL Schema -- crmt-20201029 XSD 12K 10: JSON XBRL Instance as JSON Data -- MetaLinks 25± 34K 11: ZIP XBRL Zipped Folder -- 0001171843-20-007558-xbrl Zip 23K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): i October 29, 2020
(Exact name of registrant as specified in its charter)
| i Texas | i 0-14939 | i 63-0851141 |
| (State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
i 1805 North 2nd i Street, i Suite 401, i Rogers, i Arkansas i 72756
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
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:
i ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i ☐ 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 |
| i Common Stock, par value $0.01 per share | i CRMT | i NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐
C:
Item 1.01. Entry into a Material Definitive Agreement.
On October 29, 2020, America’s Car-Mart, Inc., a Texas corporation (the “Company”), and its subsidiaries, Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”), America’s Car Mart, Inc., an Arkansas corporation (“ACM”), and Texas Car-Mart, Inc., a Texas corporation (“TCM” and collectively with Colonial and ACM, the “Subsidiaries”), entered into Amendment No. 1 to the Third Amended and Restated Loan and Security Agreement (the “Agreement”), dated as of September 30, 2019, by and among the Company, Colonial, ACM, TCM and a group of lenders.
Amendment No. 1 to the Agreement (the “Amendment”) expands the Company’s borrowing base by removing the limitations on the inclusion in the borrowing base of finance receivable balances on medium- and long-term vehicle contracts (those having an original contract term between 36 and 42 months or between 42 and 60 months, respectively), which were previously limited to 15% and 5%, respectively, and an aggregate of 15% of the eligible finance receivable balances for purposes of determining the Company’s borrowing base. Under the Amendment, finance receivables from vehicle contracts not exceeding 60 months in duration that meet certain other conditions are eligible for inclusion in the borrowing base calculation.
The Amendment also allows the Company to make certain strategic business acquisitions and expands the Company’s ability to dispose of real estate, equipment and other property, subject to certain limitations. The Amendment permits the Company to acquire strategic targets engaged in the same or a reasonably related business to the Company’s business, provided that, among other requirements, the aggregate consideration paid for all acquired businesses in any one fiscal year does not exceed $20.0 million. The Amendment also permits the Company to dispose of up to $5.0 million and $1.0 million of real estate and other property, respectively, subject to certain conditions.
Finally, the Amendment permits the Company to select one or more additional lenders, subject to the written consent of BMO Harris Bank, N.A., as agent, to participate in any increase of the Colonial revolving line of credit under the Agreement’s accordion feature.
The descriptions above are summaries and are qualified in their entirety by Amendment No. 1, which is filed as an exhibit to this report and is incorporated herein by reference.
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 above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
C:
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.
| America’s Car-Mart, Inc. | |||
| Date: November 4, 2020 | /s/ Vickie D. Judy | ||
| Vickie D. Judy | |||
| Chief Financial Officer | |||
| (Principal Financial Officer) | |||
C:
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 11/4/20 | |||
| For Period end: | 10/29/20 | |||
| 9/30/19 | 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/05/24 Americas Carmart Inc. 8-K:1,2,9 2/28/24 11:367K Globenewswire Inc./FA 6/26/23 Americas Carmart Inc. 10-K 4/30/23 85:8.6M Globenewswire Inc./FA 3/01/23 Americas Carmart Inc. 8-K:1,2,9 2/22/23 11:259K Globenewswire Inc./FA 7/11/22 Americas Carmart Inc. 10-K 4/30/22 80:8.2M Globenewswire Inc./FA 4/27/22 Americas Carmart Inc. 8-K:1,2,7,9 4/22/22 12:1.5M Globenewswire Inc./FA 9/30/21 Americas Carmart Inc. 8-K:1,2,9 9/29/21 13:339K Globenewswire Inc./FA 7/02/21 Americas Carmart Inc. 10-K 4/30/21 80:7.6M Globenewswire Inc./FA 3/05/21 Americas Carmart Inc. 10-Q 1/31/21 68:6.1M Globenewswire Inc./FA 12/04/20 Americas Carmart Inc. 10-Q 10/31/20 69:5.8M Globenewswire Inc./FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/01/19 Americas Carmart Inc. 8-K:1,2,7,9 9/30/19 3:1.3M Globenewswire Inc./FA |