Form 8-K - Current report

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) September 11, 2023

ADDVANTAGE TECHNOLOGIES GROUP, INC.

(Exact name of Registrant as specified in its Charter)

Oklahoma

(State or other Jurisdiction of Incorporation)


1-10799			73-1351610
(Commission file Number)			(IRS Employer Identification No.)

1430 Bradley Lane, Suite 196, Carrollton, Texas			75007
(Address of Principal Executive Offices)			(Zip Code)

(918) 251-9121

(Registrant's Telephone Number, Including Area Code)

(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 Communication 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))


	Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, par value $0.01	AEY	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

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 8.01 Other Events.

On September 11, 2023, the Company issued a press release announcing that its wholly owned subsidiary, Fulton Technologies Inc., has secured numerous new Broadband Division contracts and awards, resulting in $4 million of new backlog for the current fiscal year.

A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is furnished herewith:


Exhibit 99.1			Press release dated September 11, 2023


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.


			ADDvantage Technologies Group, Inc.

			Date: September 11, 2023

			/s/ Michael A. Rutledge
			Michael A. Rutledge
			Chief Financial Officer

ADDvantage Technologies Telecom Services Company

Awarded $4 Million in Broadband Division Contracts

Carrollton, Texas, September 11, 2023 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., has secured numerous new Broadband Division contracts and awards, resulting in $4 million of new backlog for the current fiscal year.

Since announcing the expansion of Broadband services provided by Fulton at the end of June, the Company has experienced tremendous activity and interest in its expanded offering. The unique, customer-centric approach, technology platform (FultonFAST), and experience of the management team has led to these awards. Fulton is also executing contracts with some of the largest operators, carriers, and fiber electronics manufacturers in the industry.

“The results the Company has generated over the past couple of months are impressive, validating Fulton’s expertise and the growing demand from customers,” commented Brian Davidson, CRO of ADDvantage Technologies. “The fast-paced nature and urgency the Broadband group has shown to address customer needs and create long-term value is, and continues to be, our mission. The team’s ability to quicky react and aid customers in achieving their build objectives or reaching a critical milestone is extremely important and valuable.”

The future of America depends on universal and reliable connectivity. With the enactment of the federal $1.2 trillion Infrastructure Investment and Jobs Act (IIJA), resources are becoming available to deploy broadband infrastructure to help close the digital divide. The IIJA provides the single largest one-time federal broadband investment in history with over $65 billion in funding. Prior to the IIJA, the Rural Digital Operating Fund (RDOF) was enacted to disburse up to $20.4 billion in two phases over 10 years. The combined commitment of these two national programs will have a positive impact in bringing fixed broadband to millions of homes and businesses across the country.

“The volume of new contracts that the Broadband team has won is encouraging,” commented J D Jones, President of Fulton Technologies. “These new agreements along with an active pipeline will pave the way for Fulton to grow its fiber and fixed wireless offering across the country. What’s most exciting is the positive impact these new networks will provide to rural communities.”

About ADDvantage Technologies Group, Inc.

ADDvantage Technologies Group, Inc. (Nasdaq: AEY) is a communications infrastructure services and equipment provider operating a diversified group of companies through its Wireless Infrastructure Services and Telecommunications segments. Through its Wireless segment, Fulton Technologies provides turn-key wireless infrastructure services including the installation, modification and upgrading of equipment on communication towers and small cell sites for wireless carriers, national integrators, tower owners and major equipment manufacturers. Through its Telecommunications segment, Nave Communications and Triton Datacom sell equipment and hardware

used to acquire, distribute, and protect the communications signals carried on fiber optic, coaxial cable and wireless distribution systems. The Telecommunications segment also offers repair services focused on telecommunication equipment and recycling surplus and related obsolete telecommunications equipment.

ADDvantage operates through its subsidiaries, Fulton Technologies, Nave Communications, and Triton Datacom. For more information, please visit the corporate website at www.addvantagetechnologies.com.

Cautions Regarding Forward-Looking Statements

The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company’s reports and documents filed from time to time with the Securities and Exchange Commission.

Cover	May 02, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Sep. 11, 2023
Entity Registrant Name	ADDVANTAGE TECHNOLOGIES GROUP, INC.
Entity Incorporation, State or Country Code	OK
Entity File Number	1-10799
Entity Tax Identification Number	73-1351610
Entity Address, Address Line One	1430 Bradley Lane
Entity Address, Address Line Two	Suite 196
Entity Address, City or Town	Carrollton
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75007
City Area Code	918
Local Phone Number	251-9121
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Central Index Key	0000874292
Amendment Flag	false
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	AEY
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false