Current Report Filing (8-k)
April 20 2020 - 4:31PM
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
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): April 14, 2020
SIGMA
LABS, INC.
(Exact
name of registrant as specified in its charter)
Nevada
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001-38015
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27-1865814
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(State
or other jurisdiction
of
incorporation or organization)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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3900
Paseo del Sol
Santa
Fe, New Mexico 87507
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code: (505) 438-2576
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):
[ ]
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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 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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SGLB
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The
NASDAQ Stock Market LLC
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Warrants
to Purchase Common Stock, par value $0.001 per share
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SGLBW
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The
NASDAQ Stock Market LLC
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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
8.01 Other Events.
On
April 14, 2020, Sigma Labs, Inc. (the “Company”) was granted a loan from BOKF, NA dba Bank of Oklahoma
in the aggregate amount of $361,700, pursuant to the Paycheck Protection Program (the “PPP”) under Division
A, Title I of the Coronavirus Aid, Relief and Economic Security Act (the “CARES
Act”), which was enacted March 27, 2020.
Under
the terms of the PPP, PPP loans and accrued interest are forgivable after eight weeks as
long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains
its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during
the eight-week period. The Company intends to use the loan proceeds for purposes
consistent with the PPP, and anticipates that a majority of the loan amount will be forgiven, but no assurance can be given that
the Company will not take actions that could cause the Company to be ineligible for forgiveness of a greater portion of the loan.
The unforgiven portion of the loan is payable over two years at an interest rate
of 1%, with a deferral of payments for the first six months.
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.
Date:
April 20, 2020
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SIGMA LABS, INC.
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By:
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/s/
JOHN RICE
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Name:
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John
Rice
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Title:
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President
and Chief Executive Officer
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