Current Report Filing (8-k)
April 20 2020 - 04:53PM
Edgar (US Regulatory)
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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 14,
2020
Astrotech Corporation
(Exact Name of Registrant as Specified in Charter)
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Delaware
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001-34426
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91-1273737
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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201 West 5th Street, Suite 1275, Austin, Texas
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78701
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(Address of Principal Executive Offices)
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(Zip Code)
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(512) 485-9530
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):
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Written communication pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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Pre-commencement communication pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communication 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:
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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 per share
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ASTC
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NASDAQ Stock Market, LLC
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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 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17
CFR §240.12b-2).
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.
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Item 1.01 Entry into a Material Definitive Agreement.
On April 14, 2020, Astrotech Corporation (the “Company”) received
the proceeds from a loan in the amount of $541,500 (the “PPP Loan”)
from Pioneer Bank SSB (the “Lender”) pursuant to the Paycheck
Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and
Economic Security Act (the “CARES Act”) administered by the U.S.
Small Business Administration (“SBA”). The PPP Loan matures on
April 1, 2022 and bears interest at a rate of 1.0% per annum.
Commencing November 10, 2020, the Company is required to pay the
Lender equal monthly payments of principal and interest as
necessary to fully amortize by April 1, 2022 the principal amount
outstanding on the PPP Loan as of October 14, 2020. The PPP Loan
may be prepaid by the Company at any time prior to maturity with no
prepayment penalties. The PPP Loan is evidenced by a promissory
note dated April 14, 2020 (the “Note”), which contains various
certifications and agreements related to the PPP, as well customary
default and other provisions.
The PPP Loan is unsecured by the Company and is guaranteed by the
SBA. All or a portion of the PPP Loan may be forgiven by the SBA
upon application by the Company accompanied by documentation of
expenditures in accordance with SBA requirements under the PPP. In
the event all or any portion of the PPP Loan is forgiven, the
amount forgiven is applied to outstanding principal.
The foregoing description of the PPP Loan is qualified in its
entirety by reference to the Note filed as an exhibit hereto and
incorporated herein by this reference.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The disclosure under Item 1.01 above is incorporated by reference
in this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Note, dated April 14, 2020, by and
between Astrotech Corporation and Pioneer Bank SSB.
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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Astrotech Corporation
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By:
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/s/ Thomas B. Pickens III
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Name:
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Thomas B. Pickens III
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Title:
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Chairman of the Board and Chief
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Executive Officer
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Date: April 20, 2020
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