Current Report Filing (8-k)
February 06 2020 - 4:11PM
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): January 31, 2020
AdvanSource
Biomaterials Corporation
(Exact
Name of Registrant as Specified in Charter)
Delaware
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001-11737
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04-3186647
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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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229
Andover Street, Wilmington, Massachusetts
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01887
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(Address
of principal executive offices)
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(Zip
Code)
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Issuer’s
telephone number (978) 657-0075
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:
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications 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 Exchange 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, par value $0.001 per share
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ASNB
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Not
applicable
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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 (§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 ☒
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
2.01. Completion of Acquisition or Disposition of Assets.
As
previously disclosed by AdvanSource Biomaterials Corporation, a Delaware corporation (the “Company”), in its
Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on December 2, 2019,
and in its definitive proxy statement on Schedule 14A filed with the SEC on December 30, 2019, on November 25, 2019, the Company
and Mitsubishi Chemical Performance Polymers, Inc., a Delaware corporation (“Buyer”), entered into an Asset
Purchase Agreement (the “Purchase Agreement”), pursuant to which the Company agreed to sell substantially all
of its assets to Buyer in exchange for $7.25 million on the terms and subject to the conditions set forth in the Purchase Agreement
(the “Asset Sale”).
On
January 31, 2020, the Company completed the Asset Sale and at the closing of the Asset Sale the Buyer paid the Company a cash
payment of $7.25 million, a portion of which was used to satisfy certain obligations of the Company, as specified in the Purchase
Agreement.
The
foregoing description of the Asset Sale does not purport to be complete and is qualified in its entirety by reference to the full
text of the Purchase Agreement, which was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K, which was filed
with the SEC on December 2, 2019 and is incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In
connection with the consummation of the Asset Sale, on February 3, 2020, Khristine Carroll
resigned as the Company’s Executive Vice President - Commercial Operations.
Item
8.01. Other Events.
On
February 3, 2020, the Company issued a press release announcing the completion of the Asset Sale. A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item
9.01. Financial Statements and Exhibits.
The
exhibit listed in the following Exhibit Index is filed as part of this current report.
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.
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ADVANSOURCE
BIOMATERIALS CORPORATION
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Dated:
February 6, 2020
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/s/
Michael F. Adams
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Michael
F. Adams
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President
and Chief Executive Officer
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2
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