Current Report Filing (8-k)
March 10 2020 - 5:16PM
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):
March 10, 2020
ARGAN,
INC.
(Exact Name of Registrant as Specified in
its Charter)
Delaware
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001-31756
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13-1947195
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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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One Church Street, Suite 201, Rockville, MD
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20850
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code: (301) 315-0027
Not Applicable
(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:
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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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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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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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
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¨
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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.
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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, $0.15 par value
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AGX
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NYSE
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Item 8.01. Other Events.
Press Release
On March 10, 2020, Argan, Inc. (“Argan”) issued
a press release announcing that its wholly owned subsidiary, Gemma Power Systems, recently entered into an engineering, procurement
and construction services contract with ESC Brooke County Power I, LLC to construct Brooke County Power, a 920 MW natural gas-fired
power plant, in Brooke County, West Virginia. The facility is being developed by Energy Solutions Consortium, LLC and construction
activities are scheduled to start in 2020 once financial close is achieved. Argan anticipates adding the value of this contract
to project backlog closer to the project’s expected start date.
A copy of Argan’s press release is
attached to this report as Exhibit 99.1 and is incorporated herein by reference.
COVID-19
Like many other companies, the coronavirus (COVID-19)
outbreak threatens our supply chain. While we have no operations in China or in other countries significantly impacted by
COVID-19, the Company and certain of its major original equipment manufacturers source certain supplies, materials and
equipment from these countries. Production disruptions related to the spreading of this virus could negatively impact
our schedules thereby adversely affecting our ability to complete large fixed-price contract projects on a timely basis. If
the outbreak becomes a global pandemic, it could significantly challenge the Company’s ability to conduct normal
operations especially at job sites where sustained labor productivity is essential to the achievement of successful projects.
We are actively attempting to manage these risks.
However, due to the uncertainty regarding the duration and extent
of the COVID-19 outbreak, the severity of the operational and financial impacts on the Company will depend on how long and disperse
the disruptions in a variety of areas prove to be including the capital markets, the Company’s customers and supply chains,
and the Company’s labor force. The current impacts of the outbreak on the Company’s businesses are not quantifiable
at this time. The Company intends to provide a further update when it files its next annual report on Form 10-K in April 2020.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits
EXHIBIT INDEX
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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ARGAN, INC.
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Date: March 10, 2020
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By:
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/s/ David H. Watson
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David H. Watson
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Senior Vice President, Chief Financial Officer, Treasurer and Secretary
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