Current Report Filing (8-k)
October 02 2018 - 4:31PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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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
28, 2018
Forward Industries, Inc.
(Exact name of registrant as specified in its charter)
New York
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001-34780
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13-1950672
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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of Incorporation)
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File Number)
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Identification No.)
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477 S. Rosemary
Ave. Ste. 219
West Palm
Beach, Florida 33401
(Address of Principal Executive Office) (Zip Code)
(561) 465-0030
(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:
o
Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 2.03 Creation of a
Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
On September 28, 2018,
Intelligent Product Solutions, Inc. (“IPS”), the wholly-owned subsidiary of
Forward Industries, Inc. (the “Company”) entered into a modification agreement
relating to its revolving line of credit (“Revolving Loan”) with TD Bank, N.A.
(the “Modification Agreement”). The Modification Agreement provides for:
(i) an increase in the availability under the Revolving Loan from $1,000,000 to
$1,300,000 and (ii) an extension of the Revolving Loan from September 30, 2018
until April 30, 2019. Additionally, in connection with the Modification
Agreement, the Company guaranteed the repayment of the Revolving Loan. As
previously disclosed, Revolving Loan
is:
(i) secured by IPS’ assets and (ii) bears an interest rate of the Wall Street
Journal Prime Rate plus 0.75%. As of the date of this Current Report on
Form 8-K, there was $950,000 available under the Revolving Loan. The proceeds
of Revolving Loan are being used for working capital.
The
foregoing description is qualified in its entirety by reference to the full
text of the Amended and Restated Revolving Term Note and Modification
Agreement, which have been filed as Exhibits 10.1 and 10.2, respectively, to
this Current Report on Form 8-K and are incorporated in this Form 8-K by
reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit No.
Description
10.1
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Amended and Restated Revolving Term Note dated September 28, 2018
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10.2
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Modification Agreement dated September 28, 2018
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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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FORWARD INDUSTRIES, INC.
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Date: October 1, 2018
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By:
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/s/ Michael Matte
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Name: Michael Matte
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Title: Chief Financial
Officer
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