Current Report Filing (8-k)

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):

December 30, 2019

SUPERIOR DRILLING PRODUCTS, INC.

(Exact name of registrant as specified in its charter)

Utah

(State of
Incorporation)

46-4341605

(I.R.S. Employer
Identification No.)

1583 South 1700 East

Vernal, Utah

(Address of principal executive offices)

84078

(Zip code)

Commission File Number: 001-36453

Registrant’s telephone number, including area code: (435) 789-0594

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))

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 $0.001		SDPI		NYSE American

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 [X]

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.

On December 30, 2019, Superior Drilling Company, Inc. (the “Company”) and certain of its subsidiaries entered into an amendment to the Loan and Security Agreement with Austin Financial Services, Inc. (“AFS”). The Company and each of its subsidiaries is a borrower under the agreement. Under the amendment, the term loan portion of the facility was increased from $800,000 to $1,000,000. A principal balance of $650,000 was due on the term loan at the time of the amendment, but was reloaded to $800,000 prior to the $200,000 increase such that the total funds available to the Company are $350,000. Certain additional assets were also added as collateral for the facility. All other material terms of the facility remain the same.

The foregoing summary is qualified in its entirety by reference to the full text of the amendment to the Loan and Security Agreement which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number		Description

10.1		Amendment One to Loan and Security Agreement between Superior Drilling Company, Inc., certain of its subsidiaries, and Austin Financial Services, Inc. dated December 30, 2019.*

10.2		Loan and Security Agreement between Superior Drilling Company, Inc., certain of its subsidiaries, and Austin Financial Services, Inc. dated February 20, 2019 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 22, 2019).

* Filed herewith

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.