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 20, 2020

APEX GLOBAL BRANDS INC.

(Exact name of registrant as specified in its charter)

Delaware

    

0‑18640

    

95‑4182437

(State or Other Jurisdiction of

 

(Commission

 

(I.R.S. Employer

Incorporation)

 

File Number)

 

Identification Number)

 

5990 Sepulveda Boulevard

Sherman Oaks, California 91411

(Address of Principal Executive Offices) (Zip Code)

(818) 908‑9868

(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)

    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(s)

 

Name of each exchange on which registered

Common stock, par value $0.02 per share

 

APEX

 

The Nasdaq Capital Market

 

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 Material Definitive Agreement.

On April 20, 2020, Apex Global Brands Inc. (the “Company”) received loan proceeds of $0.7 million through the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.

The loan, which was in the form of a promissory note, dated April 14, 2020, between the Company and Bank of America as the lender, matures on April 20, 2022 and bears interest at a fixed rate of 1.0% per annum, payable monthly commencing in six months.  Under the terms of the PPP loan, the principal, or a portion of the principal, may be forgiven if the loan proceeds are used for certain expenses as described in the CARES Act, such as payroll costs, employee benefits, rent, utilities and interest.

The description of the PPP loan set forth in this Current Report on Form 8-K is intended to be a summary and does not purport to be complete.  As a result, such description is subject to, and qualified in its entirety by reference to, the applicable document, which will be filed as an exhibit to our next periodic filing.

 

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

   Reference is made to the disclosure regarding the PPP loan under Item 1.01 above, which is incorporated herein by this reference.



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.

 

APEX GLOBAL BRANDS INC.

 

 

 

 

April 24, 2020

By:

/s/ Steven L. Brink

 

 

Steven L. Brink

 

 

Chief Financial Officer

 

 

Apex Global Brands (NASDAQ:APEX)
Historical Stock Chart
From Aug 2020 to Sep 2020 Click Here for more Apex Global Brands Charts.
Apex Global Brands (NASDAQ:APEX)
Historical Stock Chart
From Sep 2019 to Sep 2020 Click Here for more Apex Global Brands Charts.