Current Report Filing (8-k)
June 14 2021 - 4:06PM
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): June 10, 2021
FLUX
POWER HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Nevada
|
|
001-31543
|
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86-0931332
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(State
or Other Jurisdiction
of
Incorporation)
|
|
(Commission
File
Number)
|
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(IRS
Employer
Identification
No.)
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2685
S. Melrose Drive, Vista, California
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92081
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(Address
of Principal Executive Offices)
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(Zip
Code)
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877-505-3589
(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 (see General Instruction A.2. below):
[ ]
|
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
|
[ ]
|
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 240.14d-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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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol
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Name
of each exchange on which registered
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Common
Stock, $0.001 par value
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FLUX
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Nasdaq
Capital Market
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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. [ ]
Item
1.02 Termination of a Material Definitive Agreement.
On
June 10, 2021, the Third Amended and Restated Credit Facility Agreement dated August 31, 2020 (the “Credit Facility”)
by and among Flux Power, Inc., a wholly-owned subsidiary of the Registrant (the “Company”), Esenjay Investments, LLC
(an entity that owns more than 10% of the Registrant’s outstanding common stock, which is owned and controlled by Michael
Johnson, a director of the Registrant), Cleveland Capital, L.P., Otto Candies, Jr., Paul Candies, Brett Candies, Winn Interest,
Ltd., Tabone Family Partnership (as assignee to the interests, rights and obligations of Helen M. Tabone) and additional lenders
who became a party to such agreement pursuant to Section 15 thereof (collectively, the “Lenders”); and the related
Second Amended and Restated Security Agreement dated August 31, 2020 by and among the Company and the Lenders (the “Security
Agreement”) were terminated. Under the Credit Facility, the Company could borrow up to $12 million under a revolving line
of credit, with such advance subject to discretion of the Lenders. Pursuant to the Security Agreement, advances and obligations
under the Credit Facility were secured by a security interest in collateral of the Company.
As
there was no outstanding balance under the Credit Facility and the Company determined it will not be making further draws under the revolving
line of credit, the Credit Facility was terminated. As of the termination date, all payments due under the related notes have been made
in full and all obligations under such notes and the Credit Facility have been paid or discharged in full. In addition, Company did not
incur any early termination penalties in connection with the termination of the Credit Facility or Security Agreement.
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.
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Flux
Power Holdings, Inc.
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By:
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/s/ Ronald F. Dutt
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Ronald
F. Dutt, Chief Executive Officer
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