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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/04/20 CUI Global, Inc. 8-K:1,2 4/30/20 1:26K RDG Filings/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 14K
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):
Commission File Number: 0-29923
CUI Global, Inc.
(Exact Name of registrant as specified in Its Charter)
Colorado |
84-1463284 |
(State or jurisdiction of |
(I.R.S. Employer |
incorporation or organization) |
Identification No.) |
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(Address of Principal Executive Offices) |
(zip code) |
(832) 467-1420
(Registrant’s telephone number)
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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a- 12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b)) |
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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, $0.001 par value |
CUI |
Nasdaq Capital Market |
Item 1.01 |
Entry into a Material Definitive Agreement. |
On April 30, 2020 and May 2, 2020, CUI Global, Inc. (the “Company”) and its subsidiaries entered into unsecured loans in the aggregate principal amount of approximately $1.9 million (the “Loans”) pursuant to the Paycheck Protection Program (the “PPP”), sponsored by the Small Business Administration (the “SBA”) as guarantor of loans under the PPP. The Loan, and interest accrued thereon, is forgivable, partially or in full, if certain conditions are met.
The Loans are evidenced by four promissory notes, three with Bank of America, NA which are dated as of April 30, 2020 and one with Dogwood State Bank dated May 2, 2020 (the “Notes”). The Bank of America Notes mature two years from funding date of the Notes and the Dogwood State Bank Note matures two years from the Note date. Each of the Notes bear interest at a fixed rate of 1.0 percent per annum with payments deferred for the first six months. The Loans may be prepaid at any time prior to maturity with no prepayment penalties.
The foregoing summary is only a summary of certain provisions of the Notes and is qualified in its entirety by the full text of the Notes, which will be filed as an exhibit to the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2020.
Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 2.03 by reference. Upon a default under the Notes, including the non-payment of principal or interest, the obligations of the Company under the Notes may be accelerated, and the Lenders may pursue their rights under the Uniform Commercial Code and any other applicable law or in equity.
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.
Signed and submitted this 4th day of May 2020.
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CUI Global, Inc. (Registrant) |
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By: |
/s/ Daniel N. Ford |
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Chief Financial Officer |
This ‘8-K’ Filing | Date | Other Filings | ||
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Filed on: | 5/4/20 | None on these Dates | ||
5/2/20 | ||||
For Period end: | 4/30/20 | |||
3/31/20 | ||||
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