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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/08/22 Blonder Tongue Laboratories Inc. 8-K:1,2,9 4/05/22 11:239K EdgarAgents LLC/FA |
Document/Exhibit Description Pages Size
1: 8-K Current Report HTML 41K
2: EX-10.1 Ninth Amendment to Loan Agreement, Dated April 5, HTML 26K
2022.
6: R1 Cover HTML 48K
9: XML IDEA XML File -- Filing Summary XML 12K
7: XML XBRL Instance -- ea158235-8k_blondertong_htm XML 19K
8: EXCEL IDEA Workbook of Financial Reports XLSX 6K
4: EX-101.LAB XBRL Labels -- bdr-20220405_lab XML 98K
5: EX-101.PRE XBRL Presentations -- bdr-20220405_pre XML 65K
3: EX-101.SCH XBRL Schema -- bdr-20220405 XSD 12K
10: JSON XBRL Instance as JSON Data -- MetaLinks 25± 33K
11: ZIP XBRL Zipped Folder -- 0001213900-22-018966-xbrl Zip 19K
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 i April 5, 2022 /
i Blonder Tongue Laboratories, Inc.
(Exact Name of registrant as specified in its charter)
| i i Delaware / | i i 1-14120 / | i i 52-1611421 / | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
i One Jake Brown Road, i Old Bridge, i New Jersey i 08857
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: ( i 732) i 679-4000
(Former name or former address, if changed since last report)
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 i ☐ / | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| i i ☐ / | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| i i ☐ / | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| i 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 i Common Stock, par value $.001 / | i i BDR / | i i NYSE American / |
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 i i ☐ /
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. ☐
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| Item 1.01 | Entry into a Material Definitive Agreement. |
As previously disclosed, on October 25, 2019, Blonder Tongue Laboratories, Inc. (the “Company”), R. L. Drake Holdings, LLC, a wholly-owned subsidiary of the Company, Blonder Tongue Far East, LLC, a wholly-owned subsidiary of the Company and MidCap Business Credit LLC (“MidCap”) entered into a Loan and Security Agreement (All Assets) (the “Original Agreement”), which was subsequently amended by a Consent and Amendment to Loan Agreement and Loan Documents dated as of April 7, 2020 (the “First Amendment”), a Second Amendment to Loan Agreement dated as of January 8, 2021 (the “Second Amendment”), a Third Amendment to Loan Agreement dated as of June 14, 2021 (the “Third Amendment”), a Fourth Amendment to Loan Agreement dated as of July 30, 2021 (the “Fourth Amendment”), a Fifth Amendment to Loan Agreement dated as of August 26, 2021 (the “Fifth Amendment”), a Sixth Amendment to Loan Agreement dated as of December 16, 2021 (the “Sixth Amendment,” a Seventh Amendment to Loan Agreement dated as of February 11, 2022 (the “Seventh Amendment” and an Eighth Amendment to Loan Agreement dated as of March 3, 2022 (the “Eighth Amendment” and together with the Original Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment and the Eighth Amendment
the “Loan Agreement”).
The parties have entered into a Ninth Amendment to Loan Agreement, dated as of April 5, 2022 (the “Ninth Amendment”), to, among other things, modify the Loan Agreement's definition of "Borrowing Base" so as to provide for an over-advance facility (the “2022 Over-Advance Facility”) in an aggregate amount of up to $1,000,000. MidCap's agreement to enter into the Ninth Amendment was conditioned, in part, on the entry into a participation agreement between MidCap and Robert J. Pallé, a member of the Company's Board of Directors, and an affiliate of Mr. Pallé (the “Pallé Parties”). The terms of the Ninth Amendment and the participation agreement contemplate that any advances made pursuant to the 2022 Over-Advance Facility would be made by the Pallé Parties under the participation agreement. Advances under the Over-Advance Facility are subject to the discretion of MidCap and the Pallé Parties. All other substantive terms of the Loan Agreement continue in full force and effect.
The foregoing summary of the Ninth Amendment is not complete and is qualified in its entirety by reference to the full text of the Ninth Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. In addition, the Original Agreement is attached as an exhibit to our Current Report on Form 8-K filed on October 30, 2019, the First Amendment is attached as an exhibit to our Current Report on Form 8-K filed on April 9, 2020, the Second Amendment is attached as an exhibit to our Current Report on Form 8-K filed on January 11, 2021, the Third Amendment is attached as an exhibit to our Current Report on Form 8-K filed on June 15, 2021 the Fourth Amendment is attached as an exhibit to our Current Report on Form 8-K filed on August 2, 2021, the Fifth Amendment is attached as an exhibit to our Current Report on Form 8-K filed on August 30, 2021, the Sixth Amendment is attached as an exhibit to our Current Report on Form 8-K filed on December 17, 2021, the Seventh Amendment is attached as an exhibit to our Current Report on Form 8-K filed on February 15, 2022 and the Eighth Amendment is attached as an exhibit to our Current Report on Form 8-K filed on March 4, 2022. We encourage you to read each of the Original Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Eighth Amendment and the Ninth Amendment in its entirety.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On April 5, 2022, pursuant to the 2022 Over-Advance Facility and the participation agreement described above, the Pallé Parties caused an initial advance of $200,000 to be provided to the Company. On April 7, 2022, an additional advance of $450,000 was provided to the Company. Further advances may be made to the Company at its request, subject to the discretion of MidCap and the Pallé Parties, in minimum amounts of not less than $100,000 per tranche. The amount advanced in each tranche will bear an interest rate of 1% per month.
The information contained in Item 1.01 above with respect to the Ninth Amendment is hereby incorporated by reference into this Item 2.03. Upon a default under the Loan Agreement, as amended, including the non-payment of principal or interest, the obligations of the borrower may be accelerated and MidCap may pursue its rights under the Loan Agreement, as amended, and the related pledge agreement, security agreement and guaranty agreement, and under the Uniform Commercial Code and/or any other applicable law or in equity.
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| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits. The following exhibits are filed herewith:
| Exhibit No. | Description |
| 10.1 | Ninth Amendment to Loan Agreement, dated April 5, 2022. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
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.
| BLONDER TONGUE LABORATORIES, INC. | ||
| By: | /s/ Eric Skolnik | |
| Eric Skolnik | ||
| Senior Vice President and Chief Financial Officer | ||
Date: April 8, 2022
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| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 4/8/22 | 4 | ||
| 4/7/22 | 4 | |||
| For Period end: | 4/5/22 | |||
| 3/4/22 | 8-K | |||
| 3/3/22 | 8-K | |||
| 2/15/22 | 8-K | |||
| 2/11/22 | 4, 8-K | |||
| 12/17/21 | 4, 8-K | |||
| 12/16/21 | 8-K | |||
| 8/30/21 | 4, 8-K | |||
| 8/26/21 | ||||
| 8/2/21 | 4, 8-K | |||
| 7/30/21 | 4, 8-K | |||
| 6/15/21 | 8-K | |||
| 6/14/21 | 4, 8-K | |||
| 1/11/21 | 8-K | |||
| 1/8/21 | 4, 8-K | |||
| 4/9/20 | 8-K | |||
| 4/7/20 | ||||
| 10/30/19 | 8-K | |||
| 10/25/19 | 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/28/23 Blonder Tongue Laboratories Inc. 10-K/A 12/31/22 13:627K EdgarAgents LLC/FA 4/17/23 Blonder Tongue Laboratories Inc. 10-K 12/31/22 92:5.9M EdgarAgents LLC/FA 8/15/22 Blonder Tongue Laboratories Inc. 10-Q 6/30/22 52:3.2M EdgarAgents LLC/FA 5/06/22 Blonder Tongue Laboratories Inc. 10-Q 3/31/22 51:2.7M EdgarAgents LLC/FA |