0001654954-20-004151.txt : 20200416 0001654954-20-004151.hdr.sgml : 20200416 20200416132757 ACCESSION NUMBER: 0001654954-20-004151 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20200413 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200416 DATE AS OF CHANGE: 20200416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BK Technologies Corp CENTRAL INDEX KEY: 0000002186 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 593486297 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32644 FILM NUMBER: 20795803 BUSINESS ADDRESS: STREET 1: 7100 TECHNOLOGY DRIVE CITY: WEST MELBOURNE STATE: FL ZIP: 32904 BUSINESS PHONE: 321-984-1414 MAIL ADDRESS: STREET 1: 7100 TECHNOLOGY DRIVE CITY: WEST MELBOURNE STATE: FL ZIP: 32904 FORMER COMPANY: FORMER CONFORMED NAME: BK Technologies, Inc. DATE OF NAME CHANGE: 20180604 FORMER COMPANY: FORMER CONFORMED NAME: RELM WIRELESS CORP DATE OF NAME CHANGE: 19980129 FORMER COMPANY: FORMER CONFORMED NAME: ADAGE INC DATE OF NAME CHANGE: 19920703 8-K 1 bkti_8k.htm CURRENT REPORT bkti_8k
 

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 13, 2020
 
BK Technologies Corporation
 __________________________________________
 
(Exact name of registrant as specified in its charter)
 
 Nevada
 001-32644
 83-4064262
 (State or other jurisdiction of incorporation)
 (Commission File Number)
 (I.R.S. Employer Identification No.)
 
 7100 Technology Drive, West Melbourne, FL
 32904
 (Address of principal executive offices)
 (Zip Code)
 
   Registrant’s telephone number, including area code: (321) 984-1414
 
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:
 
 
[  ]  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(s)
Name of each exchange on which registered
Common Stock, par value $0.60 per share
BKTI
NYSE American
 
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.
 
See the information set forth in Item 2.03 of this Current Report on Form 8-K (this “Current Report”), which is incorporated herein by reference.
 
Item 2.03 
Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of the Registrant.
 
On April 13, 2020, BK Technologies, Inc. (the “Borrower”), a wholly-owned operating subsidiary of BK Technologies Corporation, a holding company (the “Company”), received approval and funding pursuant to a promissory note (the “Note”) evidencing an unsecured loan in the amount of $2,196,335 under the Paycheck Protection Program (the “Loan”). The Paycheck Protection Program (or “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 (“SBA”). The Loan is being made through JPMorgan Chase Bank, N.A. (the “Lender”).
 
The Loan has a two-year term and bears interest at a rate of 0.98% per annum. Monthly principal and interest payments are deferred for six months. Beginning seven months from the date of the Note, the Borrower is required to make monthly payments of principal and interest to the Lender, each in such equal amount required to fully amortize the principal amount outstanding on the Note on the last day of the deferral period by the maturity date. The Loan may be prepaid at any time prior to maturity with no prepayment penalties. The Note matures on April 8, 2022. The Note contains customary events of default relating to, among other things, payment defaults, making materially false and misleading representations to the SBA or Lender, or breaching the terms of the Loan documents. The occurrence of an event of default may result in the immediate repayment of all amounts outstanding, collection of all amounts owing from the Borrower, or filing suit and obtaining judgment.
 
Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loan granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, no assurance is provided that forgiveness for any portion of the Loan will be obtained.
 
The foregoing description of the Note is a summary only and is qualified in its entirely by the reference to the full text of the Note, which is filed as Exhibit 10.1 to this Current Report and is incorporated herein by reference.
 
Item 9.01            Financial Statements and Exhibits.
 
(d)            
Exhibits.
 
Paycheck Protection Program Note, approved as of April 13, 2020, executed by BK Technologies, Inc., as borrower, for the benefit of JPMorgan Chase Bank, N.A., as lender.
 
 
 
 
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.
 
 
BK TECHNOLOGIES CORPORATION
 
 
 
 
 
Date: April 16, 2020
By:  
/s/ William P. Kelly  
 
 
 
William P. Kelly  
 
 
 
Executive Vice President and
Chief Financial Officer
 


 
 
EX-10.1 2 bkti_ex101.htm PAYCHECK PROTECTION PROGRAM NOTE bkti_ex101
 Exhibit 10.1