Current Report Filing (8-k)
April 21 2020 - 4:42PM
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
April
20, 2020
Date
of Report
(Date
of earliest event reported)
SOCKET
MOBILE, INC.
(Exact
name of registrant as specified in its charter)
Delaware
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001-13810
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94-3155066
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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39700
Eureka Drive
Newark,
CA 94560
(Address
of principal executive offices, including zip code)
(510)
933-3000
(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
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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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SCKT
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NASDAQ
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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. [ ]
Item
1.01 Entry into a Material Definitive Agreement
The
information under Item 2.03 of this Current Report on Form 8-K 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
On
April 20, 2020, Socket Mobile, Inc. (the “Company”) received a U.S. Small Business Administration Loan (the
“SBA Loan”) from Western Alliance Bank, pursuant to the Paycheck Protection Program established
under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), in the amount of $1,058,700 (the
“Loan Proceeds”). Under the Paycheck Protection Program Loan Note (the “Promissory
Note”), the SBA Loan has a fixed interest rate of 1%, a maturity date of April 20, 2022, and no payments are due on the
SBA Loan for six months. There is no prepayment penalty. Pursuant to the terms of the SBA Loan and Promissory Note, the
Company may apply for forgiveness of the amount due on the SBA Loan in an amount equal to the sum of the following costs
incurred by the Company during the eight-week period (or any other period that may be authorized by the U.S. Small Business
Administration) beginning on the date of first disbursement of the SBA Loan: payroll costs, any payment of interest on a
covered mortgage obligation, payment on a covered rent obligation, and any covered utility payment. The amount of SBA Loan
forgiveness shall be calculated in accordance with the requirements of the Paycheck Protection Program,
including the provisions of Section 1106 of the CARES Act, although no more than 25% of the amount forgiven can be
attributable to non-payroll costs.
Item
8.01 Other Events
On
April 21, 2020, the Company issued a press release announcing its receipt of the Loan Proceeds. A copy of the press release is
attached hereto as Exhibit 99.1.
Item
9.01 Financial Statements and Exhibits
(d)
Exhibits.
Exhibit
No.
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Description
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99.1
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Press
Release issued by Socket Mobile Inc. on April 21, 2020.
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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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SOCKET MOBILE,
INC.
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Date: April 21, 2020
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/s/
Lynn Zhao
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Lynn Zhao
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Vice President, Finance and Administration
and Chief Financial Officer
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