Current Report Filing (8-k)
July 09 2021 - 4:23PM
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): July
6, 2021
BYRNA TECHNOLOGIES
INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
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333-132456
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71-1050654
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(Commission File Number)
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(IRS Employer Identification No.)
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100 Burtt Road, Suite 115
Andover, MA 01810
(Address and Zip Code of principal executive offices)
(978) 868-5011
(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:
☐ 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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BYRN
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Nasdaq
Capital Market
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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 1.01.
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Entry into a Material Definitive Agreement.
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On July 6, 2021, Byrna Technologies Inc.
(the “Company”) entered into a First Omnibus Loan Modification Agreement (the “Amendment”) with Needham Bank,
a Massachusetts co-operative bank (the “Lender”) that modifies that certain Commercial Loan and Security Agreement dated as
of January 19, 2021 (the “Loan Agreement”). Pursuant to the Loan Agreement, the Lender established a revolving line of credit
of up to $5,000,000 as evidenced by a Secured Revolving Line of Credit Note executed by the Company in favor of the Bank (the “Revolving
Note”) and a non-revolving equipment line of credit of up to $1,500,000 as evidenced by equipment term notes in the principal amounts
drawn from time to time. Pursuant to the Amendment, the Lender and Company agreed to (i) temporarily for a 150-day period increase the
Company’s principal amount on the Revolving Note from $5,000,000 to $7,500,000, (ii) temporarily for a 150-day period increase the
credit limit under the Loan Agreement from $5,000,000 to $7,500,000, and (iii) a one-time non-refundable modification fee payable to Lender
by the Company for the increased borrowing ability of $18,750, with one-half paid upon execution of the Agreement and one-half due only
if the Company’s aggregate outstanding principal balance exceeds $5,000,000. In addition, the Company agreed that upon the expiration
of the 150-day period it would use the proceeds of any equity raise consummated during such time to make payments under the Revolving
Note such that the aggregate principal balance of outstanding advances under the Revolving Note are equal or less to $5,000,000.
The foregoing summary of the Agreement
does not purport to be complete and each is subject to, and qualified in its entirety by, the full text of the Agreement filed as Exhibit
10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 2.03.
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Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The information contained in Item 1.01
above is incorporated by reference.
Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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10.1
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First Omnibus Loan Modification Agreement with Needham Bank, a Massachusetts co-operative bank, dated July 6, 2021.
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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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BYRNA TECHNOLOGIES INC.
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Date: July 9, 2021
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By:
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/s/ Bryan Ganz
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Name: Bryan Ganz
Title: Chief Executive Officer
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