Current Report Filing (8-k)
April 27 2020 - 4:59PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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):
April
21, 2020
SUPERIOR
DRILLING PRODUCTS, INC.
(Exact
name of registrant as specified in its charter)
Utah
(State of Incorporation)
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46-4341605
(I.R.S. Employer Identification No.)
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1583
South 1700 East
Vernal, Utah
(Address of principal executive offices)
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84078
(Zip code)
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Commission
File Number: 001-36453
Registrant’s
telephone number, including area code: (435) 789-0594
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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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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Securities
Registered Pursuant to Section 12(b) of the Exchange Act:
Title
of each class:
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Trading
Symbol(s)
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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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SDPI
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NYSE
MKT
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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 1.01. Entry into a Material Definitive Agreements.
On
April 14, 2020, certain subsidiaries of Superior Drilling Products, Inc. (the “Company”) entered into a promissory
note (the “Note”) in favor of Zion Bancorporation, NA reflecting a loan in the amount of $891,600 (the “Loan”).
The Loan is granted pursuant to the Paycheck Protection Program (the “PPP”) administered by the United States Small
Business Administration as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides
for forgiveness of up to the full principal amount and accrued interest of qualifying loans.
Pursuant
to the terms of the Note, the Loan will bear a rate of interest equal to 1.00% per annum and matures on April 14, 2022 (the “Maturity
Date”). Interest and principal payments are deferred until November 14, 2020, at which time principal that is not forgiven
pursuant to the PPP shall convert to an amortizing term loan. Pursuant to the terms of the PPP, the principal may be forgiven
if Loan proceeds are used for qualifying expenses as described in the CARES Act. On November 14, 2020, all accrued interest is
due and payable, and equal installments of principal are due and payable monthly from that date through the Maturity Date. Interest
is due and payable at the same time as the monthly principal payments. The Loan is also subject to certain late charges and a
default rate as described in the Note.
The
foregoing description of the Note is qualified in its entirety by reference to its full text, a copy of which is attached as Exhibit
10.1 and is incorporated herein by reference.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information set forth above in Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item
9.01. Financial Statements and Exhibits.
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.
Date:
April 27, 2020
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SUPERIOR
DRILLING PRODUCTS, INC.
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/s/
Christopher D. Cashion
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Christopher
D. Cashion
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Chief
Financial Officer
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