Current Report Filing (8-k)
October 27 2017 - 1:58PM
Edgar (US Regulatory)
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):
October 26, 2017
UNIVERSAL SECURITY
INSTRUMENTS, INC.
(Exact name of registrant as specified in
its charter)
Maryland
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001-31747
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52-0898545
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(State
or Other Jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of Incorporation)
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Identification
No.)
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11407 Cronhill Drive, Suite A, Owings
Mills, Maryland 21117
(Address of Principal Executive Offices)
Registrant’s telephone number, including
area code:
(410) 363-3000
Inapplicable
(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:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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.
¨
INFORMATION TO BE INCLUDED IN THE REPORT
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Item 1.01.
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Entry into a Material Definitive Agreement.
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On October 26, 2017,
Universal Security Instruments, Inc. (the “
Company
”) entered into an amendment (the “
Amendment
”)
to the Discount Factoring Agreement (the “
Agreement
”) between the Company, its USI Electric, Inc. subsidiary,
and Merchant Factors Corp. (“
Merchant
”) dated January 6, 2015.
Under the terms of
the Amendment which were made effective September 1, 2017, USI may borrow, subject to Merchant’s discretion, on a revolving
basis, up to the aggregate of (a) 80% of the value of USI’s and USI Electric’s total eligible accounts receivable,
plus (b) the 20% balance of the value of USI’s and USI Electric’s total eligible accounts receivable limited (with
respect to the 20% balance) to no more than 50% of the value of USI’s and USI Electric’s total eligible inventory up
to a maximum of $500,000. Prior to the Amendment, the Company and USI Electric collectively could borrow, subject to Merchant’s
discretion, on a revolving basis, up to the aggregate of (a) 80% of the value of total eligible accounts receivable, and (b) up
to $1 million but in no event more than 50% of the value of USI’s and USI Electric’s total eligible inventory. The
other terms of the Agreement remained unchanged.
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Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits
The following
exhibits are filed herewith:
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.
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UNIVERSAL SECURITY INSTRUMENTS, INC.
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(Registrant)
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Date: October 27, 2017
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By:
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/s/ Harvey B. Grossblatt
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Harvey B. Grossblatt
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President
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