Current Report Filing (8-k)
December 19 2014 - 3:30PM
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): December 18, 2014
Lakeland Industries, Inc.
(Exact name of registrant as specified in
its charter)
Delaware |
0-15535 |
13-3115216 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
701 Koehler Avenue, Suite 7, Ronkonkoma,
New York 11779-7410
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including
area code: (631) 981-9700
Not Applicable
(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:
| ¨ | 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)) |
| Item 1.01 | Entry into a Material Definitive Agreement |
On
December 18, 2014, Lakeland Brazil SA, a wholly-owned subsidiary of Lakeland Industries, Inc., entered into an agreement with
its existing lender, Banco Mercantil do Brasil SA, to repay in full two outstanding loans with an aggregate amount of principal
and interest due of $R1,048,452 (approximately USD $391,000) for a cash payment of $R600,000 (approximately USD $224,000), or
a discount of 42% on the combined debt. The outstanding loans being repaid are summarized below:
Contract
#02010570858
| · | Original value contract: R$ 350.000,00 |
| · | Balance due: R$ 538.499,00 (approximately USD $200,000) |
| · | Discount granted: R$ 230.331,14 (approximately USD $85,000) |
Contract
#12348346613
| · | Original value contract: R$ 508.269,57 in December 2013 |
| · | Balance due: R$ 509.953,61 (approximately USD $190,000) |
| · | Discount granted: R$ 218.121,47 (approximately USD $81,000) |
| · | Total assumed debt for the two outstanding debt: R$ 1.048.452,61
(approximately USD $391,000) |
Cash
repayment: R$ 600.000,00 (approximately USD $224,000)
The
foregoing description of the loan repayment agreement does not purport to be complete and is qualified in its entirety by reference
to the loan repayment agreement, attached hereto as Exhibit 10.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| 10.1 | Loan Repayment Agreement, dated on December 18, 2014,
between Lakeland Brasil SA and Banco Mercantil do Brasil SA in Brazil. |
| 10.2 | Summary of Exhibit 10.1 in English. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
LAKELAND INDUSTRIES, INC. |
|
|
|
|
|
|
Date: December 19, 2014 |
|
/s/ Gary Pokrassa |
|
|
Gary Pokrassa CFO |
EXHIBIT INDEX
| 10.1 | Loan Repayment Agreement, dated on December 18, 2014 between
Lakeland Brasil SA and Banco Mercantil do Brasil SA in Brazil. |
| 10.2 | Summary of Exhibit 10.1 in English |
Exhibit 10.1
Exhibit 10.2
Summary of Agreement in English
Contract #02010570858
| · | Original value contract: R$ 350.000,00 |
| · | Balance due: R$ 538.499,00 (approximately USD $200,000) |
| · | Discount granted: R$ 230.331,14 (approximately USD $85,000) |
Contract #12348346613
| · | Original value contract: R$ 508.269,57 in December 2013 |
| · | Balance due: R$ 509.953,61 (approximately USD $190,000) |
| · | Discount granted: R$ 218.121,47 (approximately USD $81,000) |
| · | Total assumed debt for the two outstanding debt: R$
1.048.452,61 (approximately USD $391,000) |
| · | Cash repayment: R$ 600.000,00 (approximately USD $224,000) |
Lakeland Industries (NASDAQ:LAKE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lakeland Industries (NASDAQ:LAKE)
Historical Stock Chart
From Jul 2023 to Jul 2024