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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, $0.001 Par Value
PFIE
NASDAQ
Item 8.01.
Other Events
On April 21, 2020, Profire Energy, Inc. (the “Company”).,
secured funding (the “PPP Loan”)pursuant to the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. Under the PPP Loan we will receive $1,074,030, which bear interest at a rate of 1.00% per annum. The PPP Loan is being made through the Bank of America (the “Bank”). The PPP Loan is evidenced by a note dated April 16, 2020, which contains customary events of default relating to, among other things, payment defaults and breaches of representations and warranties. We may prepay the PPP Loan at any time prior to maturity with no prepayment penalties.
Under the terms of the Paycheck Protection Program, certain amounts of the PPP Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. We intend to use all proceeds from the PPP Loan for such qualifying expenses. Based
on currently available guidance, we anticipate that the full loan amount to be forgiven by the U.S. Small Business Administration, or SBA, upon submission of our application. In the event any loan amount is not forgiven by the SBA the complete terms of repayment and interest rate, not to exceed a fixed rate of 1% per annum, by the Bank.
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.
