Current Report Filing (8-k)
April 30 2020 - 4:32PM
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): April 28, 2020
SINTX
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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001-33624
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84-1375299
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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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1885
West 2100 South
Salt
Lake City, UT 84119
(Address
of principal executive offices, including Zip Code)
Registrant’s
telephone number, including area code: (801) 839-3500
(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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[ ]
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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 $0.01 per share
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SINT
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The
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. Entry into a Material Definitive Agreement.
On
April 28, 2020, SINTX Technologies, Inc. (the “Company”) received funding under a Paycheck Protection Program (“PPP”)
loan (the “PPP Loan”) from First State Community Bank (the “Lender”). The principal amount of the PPP
Loan is $390,820.00. The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)
and is administered by the U.S. Small Business Administration (the “SBA”).
The
PPP Loan has a two-year term, maturing on April 28, 2022. The interest rate on the PPP Loan is 1.0% per annum. Principal and interest
are payable in 18 monthly installments, beginning on November 28, 2020, until maturity with respect to any portion of the PPP
Loan which is not forgiven as described below. The Company did not provide any collateral or guarantees for the PPP Loan, nor
did the Company pay any facility charge to obtain the PPP Loan. The PPP Loan provides for customary events of default, including,
among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects.
The Company is permitted to prepay or partially prepay the PPP Loan at any time with no prepayment penalties.
The
PPP Loan may be partially or fully forgiven if the Company complies with the provisions of the CARES Act, including the use of
PPP Loan proceeds for payroll costs, rent, utilities and other expenses, provided that such amounts are incurred during the eight-week
period that commenced on April 28, 2020 and at least 75% of any forgiven amount has been used for covered payroll costs as defined
by the CARES Act. Any forgiveness of the PPP Loan will be subject to approval by the SBA and the Lender and will require the Company
to apply for such treatment in the future.
The
foregoing description of the PPP Loan is qualified in its entirety by reference to the promissory note for the PPP Loan, which
is attached hereto as Exhibit 10.1 and is incorporated by reference.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item
9.01 Financial Statements and 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.
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SINTX
Technologies, Inc.
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Date:
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April
30, 2020
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By:
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/s/
B. Sonny Bal
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B.
Sonny Bal
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Chief
Executive Officer
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SiNtx Technologies (PK) (USOTC:AMDDW)
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