false
0000806172
SONO TEK CORP
0000806172
2023-12-31
2023-12-31
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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 31, 2023
Sono-Tek Corporation
(Exact name of registrant as specified in its charter)
Commission File Number: 000-16035
New York |
|
14-1568099 |
(State of Incorporation) |
|
(I.R.S. Employer ID No.) |
|
|
|
2012 Route 9W, Milton, New York |
|
12547 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (845)
795-2020
Check appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligations of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under 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, $0.01 par value per share |
SOTK |
NASDAQ |
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 5.02: Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Item 7.01: Regulation FD Disclosure
Change of Chief Executive Officer
Effective as of December 31, 2023, Dr.
Christopher L. Coccio transitioned from his position as Chief Executive Officer of Sono-Tek Corporation (the “Company”) to
being the Company’s Executive Chairman. Dr. Coccio shall remain Chairman of the Company’s Board of Directors (the “Board”).
As Executive Chairman, Dr. Coccio shall continue to play a senior leadership role in the Company’s management.
Effective upon Dr. Coccio’s transition,
the Board had previously appointed R. Stephen Harshbarger to serve as the Company’s Chief Executive Officer. Mr. Harshbarger will
also remain President of the Company. Mr. Harshbarger has over 30 years of experience in ultrasonic coating equipment for the electronics,
medical device and advanced energy industries. He joined the Company in 1993 and was appointed President of the Company in 2012, elected
a Director in 2013, and in August 2020, he assumed the Chief Operating Officer position as well. As President, he directed the Company’s
Sales, Marketing, Engineering, Service, and Manufacturing Operations. Prior to becoming President, Mr. Harshbarger served as Sales Engineer,
World-Wide Sales and Marketing Manager, Vice President & Director of Electronics and Advanced Energy (E&AE) and Executive Vice
President. In his years managing the sales organization, Mr. Harshbarger established a worldwide distribution and representative network
in more than 40 countries consisting of more than 300 people, and contributing to revenue growth of greater than 400%.
Prior to joining the Company, Mr. Harshbarger
was the Sales and Marketing Manager for Plasmaco Inc., a world leader in the development of flat panel displays. In that position, he
established that company’s distribution network, participated in venture capital funding, and introduced the first flat panel technology
to Wall Street trading floors. Mr. Harshbarger is a graduate of Bentley University with a major in Finance and a minor in Marketing.
On January 2, 2024, the Company issued
a press release concerning the change of the Company’s Chief Executive Officer in the form attached as Exhibit 99.1 to this Report.
Executive Compensation
Effective January 1, 2024, each named officer’s
annual salary and potential current fiscal year bonus compensation are as follows:
Officer |
Salary |
Potential
Bonus |
R. Stephen Harshbarger |
$265,000 |
$45,000 |
Christopher L. Coccio |
$160,000 |
$39,000 |
Stephen J. Bagley |
$185,000 |
$37,000 |
The potential bonus is based on the Company’s achieving
revenue of $18,470,000 and operating income of $1,121,000 for the 2024 fiscal year.
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits
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.
SONO-TEK CORPORATION
By: /s/ Stephen J. Bagley
Stephen J. Bagley
Chief Financial Officer
January 5, 2024
Exhibit 99.1
Sono-Tek Completes Senior Management Transition
- Dr. Christopher Coccio
becomes Executive Chairman, Stephen Harshbarger appointed CEO -
MILTON, NY, January 2, 2024 – Sono-Tek Corporation (NASDAQ:
SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced that it has completed the senior management
transition that was previously announced at the Company’s most recent annual meeting on August 24, 2023.
Effective as of December 31, 2023, Dr. Christopher L. Coccio transitioned
from his position as Chief Executive Officer of Sono-Tek Corporation to the Company’s Executive Chairman. He will also continue
to serve as Chairman of the Company’s Board of Directors. As Executive Chairman, Dr. Coccio will continue to play a senior leadership
role in the Company’s management. Effective upon Dr. Coccio’s transition, the Board formalized the appointment of R. Stephen
Harshbarger as the Company’s Chief Executive Officer. He will also remain President, a position he has held since 2012.
Dr. Christopher L. Coccio, Executive Chairman and Chairman of the
Board of Directors of Sono-Tek, stated, “It has been my pleasure to serve as the CEO of Sono-Tek since 2001. For many of those years,
I have worked together in partnership at the highest levels with Steve Harshbarger and together, we completed the turnaround of Sono-Tek
and the strategic repositioning to focus on larger, more complex systems for production applications that has created the momentum we’ve
been building. I have every confidence in his abilities to lead Sono-Tek forward, and he has all of my support as we continue working
together to achieve the Company’s goals.”
Steve Harshbarger, Chief Executive Officer of Sono-Tek, added, “I’m
excited to keep advancing the vision for Sono-Tek that I share with Dr. Coccio and am honored to have been mentored by him, and to now
transition to the role of Chief Executive Officer. The shift in focus to developing multiple high technology applications for Sono-Tek’s
proprietary ultrasonic coating technology has begun to pay off, and we believe that supported by our solid operational and financial foundation,
Sono-Tek has a strong outlook for future growth.”
Mr. Harshbarger has over 30 years of experience in ultrasonic coating
equipment for the electronics, medical device and advanced energy industries. He joined Sono-Tek in 1993 and was appointed President of
the Company in 2012, elected a Director in 2013, and in August 2020, he assumed the Chief Operating Officer position as well. As President,
he directed the Company’s Sales, Marketing, Engineering, Service, and Manufacturing Operations. Prior to becoming President, Mr.
Harshbarger served as Sales Engineer, World-Wide Sales and Marketing Manager, Vice President & Director of Electronics and Advanced
Energy (E&AE) and Executive Vice President. In his years managing the sales organization, Mr. Harshbarger established a worldwide
distribution and representative network in more than 40 countries consisting of more than 300 people, and contributing to revenue growth
of greater than 400%.
Prior to joining the Company, Mr. Harshbarger was the Sales and Marketing
Manager for Plasmaco Inc., a world leader in the development of flat panel displays. In that position, he established that company’s
distribution network, participated in venture capital funding, and introduced the first flat panel technology to Wall Street trading floors.
Mr. Harshbarger is a graduate of Bentley University with a major in Finance and a minor in Marketing.
About Sono-Tek
Sono-Tek Corporation is the leading developer
and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts
and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications
in construction and automotive.
The Company’s solutions are environmentally-friendly,
efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide
improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused
on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin
film coating technologies that enable better outcomes for its customers’ products and processes. For further information, visit
www.sono-tek.com.
Safe Harbor Statement
This news release contains forward looking
statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could
cause actual results to differ materially. These “forward-looking statements’ are based on currently available competitive,
financial and economic data and our operating plans. They are inherently uncertain, and investors must recognize that events could turn
out to be significantly different from our expectations and could cause actual results to differ materially.
These factors include, among other considerations,
general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations
or the demand for our products; inflationary and supply chain pressures; residual effects from COVID-19 pandemic; maintenance of increased
order backlog and timely completion and shipment of related product; the imposition of tariffs; timely development and market acceptance
of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability
to enforce patents; maintenance of operating leverage; maintenance of increased order backlog; consummation of order proposals; completion
of large orders on schedule and on budget; continued sales growth in the medical and alternative energy markets; successful transition
from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value
subsystems; and realization of quarterly and annual revenues within the forecasted range of sales guidance. Sono-Tek undertakes no obligation
to update any forward-looking statement.
For more information, contact:
Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.com
Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com
v3.23.4
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Sono Tek (NASDAQ:SOTK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sono Tek (NASDAQ:SOTK)
Historical Stock Chart
From Apr 2023 to Apr 2024