Current Report Filing (8-k)
April 27 2020 - 4:06PM
Edgar (US Regulatory)
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): April 21, 2020
KOPIN
CORPORATION
(Exact
Name of Registrant as Specified in Charter)
Delaware
|
|
000-19882
|
|
04-2833935
|
(State
or Other Jurisdiction
of
Incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
125
North Drive, Westborough, MA 01581
(Address
of Principal Executive Offices) (Zip Code)
(508)
870-5959
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
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 (see General Instruction A.2 below):
[ ]
|
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
|
|
Name
of each exchange on which registered
|
Common
Stock, par value $0.01
|
|
KOPN
|
|
Nasdaq
Capital Market
|
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. Entry into a Material Definitive Agreement.
On
April 22, 2020, Kopin Corporation (the “Company”) received the proceeds from a loan in the amount of approximately
$2.1 million (the “PPP Loan”) from Rockland Trust Company, as lender, pursuant to the Paycheck Protection Program
(“PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan matures
on April 20, 2022 and bears interest at a rate of 1.0% per annum. Commencing November 21, 2020, the Company is required to pay
the lender equal monthly payments of principal and interest as required to fully amortize by April 20, 2022 the principal amount
outstanding on the PPP Loan as of October 21, 2020. The PPP Loan is evidenced by a promissory note dated April 21, 2020 (the “Note”),
which contains customary events of default relating to, among other things, payment defaults and breaches of representations and
warranties. The PPP Loan may be prepaid by the Company at any time prior to maturity with no prepayment penalties.
All
or a portion of the PPP Loan may be forgiven by the U.S. Small Business Administration (“SBA”) upon application by
the Company beginning 60 days but not later than 120 days after loan approval and upon documentation of expenditures in accordance
with the SBA requirements. Under the CARES Act, loan forgiveness is available for the sum of documented payroll costs, covered
rent payments, covered mortgage interest and covered utilities during the eight-week period beginning on the date of loan approval.
For purposes of the CARES Act, payroll costs exclude compensation of an individual employee in excess of $100,000, prorated annually.
Not more than 25% of the forgiven amount may be for non-payroll costs. Forgiveness is reduced if full-time headcount declines,
or if salaries and wages for employees with salaries of $100,000 or less annually are reduced by more than 25%. In the event the
PPP Loan, or any portion thereof, is forgiven pursuant to the PPP, the amount forgiven is applied to outstanding principal. No
assurance is provided that the Company will apply for and obtain forgiveness of the PPP Loan in whole or in part.
The
foregoing description of the Note is not complete and is qualified in its entirety by reference to the complete text of the Note,
a copy of which the Company plans to file as an exhibit to its Form 10-Q for the quarterly period ending March 28, 2020.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information disclosed under Item 1.01 of this Form 8-K is incorporated by reference herein.
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.
|
|
|
KOPIN
CORPORATION
|
|
|
|
|
Dated:
|
April
27, 2020
|
|
/s/
Richard A. Sneider
|
|
|
|
Richard
A. Sneider
|
|
|
|
Treasurer
and Chief Financial Officer
|
|
|
|
(Principal
Financial and Accounting Officer)
|
Kopin (NASDAQ:KOPN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kopin (NASDAQ:KOPN)
Historical Stock Chart
From Sep 2023 to Sep 2024