Current Report Filing (8-k)
June 26 2019 - 6:43AM
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 25, 2019
CPI
AEROSTRUCTURES, INC.
|
(Exact
Name of Registrant as Specified in Charter)
|
New
York
|
|
001-11398
|
|
11-2520310
|
(State
or Other Jurisdiction
of
Incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
91
Heartland Boulevard, Edgewood, New York
|
|
11717
|
(Address
of Principal Executive Offices)
|
|
(Zip
Code)
|
Registrant’s
telephone number, including area code:
(631) 586-5200
N/A
|
(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 (
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)
|
|
☐
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
☐
|
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 per share
|
CVU
|
NYSE
American
|
|
Item
1.01
|
Entry
into a Material Definitive Agreement.
|
On
June 25, 2019, CPI Aerostructures, Inc. (the “Company”), entered into a Fifth Amendment (“Amendment”)
to that certain Amended and Restated Credit Agreement with the Lenders named therein and BankUnited, N.A. as Sole Arranger, Agent
and Collateral Agent, dated as of March 24, 2016 (as amended from time to time, the “Credit Agreement”).
Under
the Amendment, the parties amended the Credit Agreement by extending the maturity date of the Company’s existing $30 million
revolving line of credit and its existing $10 million term loan to June 30, 2020, and by making conforming changes to the prepayment
schedule for the term loan. Additionally, in connection with the Amendment, Citizens Bank, N.A. assigned all of its obligations
as a Lender under the Credit Agreement to BNB Bank.
The
Company paid to BankUnited, N.A. commitment and agent fees in the amount of $25,000, together with out of pocket costs, expenses,
and reasonable attorney’s fees incurred by BankUnited, N.A. in connection with the Amendment.
The
foregoing description is qualified in its entirety by reference to the Amendment, a copy of which is attached to this Form 8-K
as Exhibit 10.1 and incorporated herein by reference.
Item 9.01.
|
Financial Statement and Exhibits.
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(d) Exhibits:
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Exhibit
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Description
|
|
|
|
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10.1
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Fifth Amendment
to the Amended and Restated Credit Agreement, dated as of June 25, 2019 by and between CPI Aerostructures, Inc. the several
lenders from time to time party thereto, and BankUnited, N.A., as Sole Arranger, Administrative Agent and Collateral Agent.
|
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.
Dated:
June 26, 2019
|
CPI AEROSTRUCTURES, INC.
|
|
|
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By:
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/s/ Vincent Palazzolo
|
|
|
Vincent
Palazzolo
|
|
|
Chief
Financial Officer
|
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