Form 8-K - Current report
13 Enero 2025 - 1:52PM
Edgar (US Regulatory)
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0000015847
0000015847
2025-01-13
2025-01-13
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) January 13, 2025
BUTLER NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Kansas
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0-1678
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41-0834293
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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 Aero Plaza, New Century, Kansas
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66031
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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 (913) 780-9595
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 (17CFR 230.425)
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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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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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None
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None
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None
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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. ☐
On January 13, 2025, Butler National Corporation’s Board of Directors (“Board”) created the position of Executive Chairman to lead the Board and named current director, Jeffrey D. Yowell, to the position. Consequently, Mr. Reedy no longer serves as the Board’s chairman.
Mr. Yowell is neither an employee, independent contractor, or executive officer of the corporation; however, the Executive Chairman will work with and support the corporation’s Chief Executive Officer in day-to-day and strategic responsibilities. In conjunction with Mr. Yowell’s additional responsibilities, the Butler National Corporation will compensate Mr. Yowell an additional $160,000 per year in addition to compensation paid to all directors (currently an annual amount equal to $90,000).
The Board has also determined that Mr. Yowell will no longer qualify as an independent director and has elected Joseph P. Daly as Lead Independent Director.
Item 9.01
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Financial Statements and Exhibits
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Exhibit No.
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Description
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99
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104
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Cover Page Interactive Date File (embedded within the Inline XBRL document)
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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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BUTLER NATIONAL CORPORATION
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Date: January 13, 2025
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/s/Christopher J. Reedy
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Christopher J. Reedy |
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Chief Executive Officer |
Exhibit 99
BUTLER NATIONAL NAMES JEFF YOWELL TO EXECUTIVE CHAIRMAN
Yowell to Complement Reedy’s Leadership and Progress Driving Butler National
New Century, Kan. – January 13, 2025 - Butler National Corporation (OTCQX: BUKS), a leader in the growing global market for aircraft modification, maintenance, repair and overhaul and a recognized provider of gaming management services, announces the appointment of Jeff Yowell to the newly created position of Executive Chairman. Mr. Yowell will work closely with President and CEO Chris Reedy guiding the company’s strategic vision and growth. With the change, Joseph P. Daly has been appointed Lead Independent Director.
Mr. Yowell, who has been a key driver of important corporate initiatives since joining the Butler National Board of Directors almost a year ago, brings a wealth of experience to the new role. “Jeff Yowell has been instrumental in building a strong foundation for Butler’s future growth. Yowell has spent significant time supporting CEO Chris Reedy in moving Butler National forward in several key areas, and the Board has established the new Executive Chairman role to support the CEO with the continued evolution of Board and strategic planning. The Board move is completely complementary and reinforces our commitment to good governance,” commented Joseph P. Daly, Lead Independent Director and Chair of the Butler National Nominating and Governance Committee.
Mr. Yowell operates JDY Inc., a C-Suite consulting business and is the owner of Getter Farms, LLC. Since 2015, Mr. Yowell serves on the Board of Trustees for the Trust of Buffalo Funds, a mutual fund complex of 10 funds, and has been the Board Chairman since 2018. From 1992 to 2012, Mr. Yowell served as President and Chief Executive Officer of DataCore Marketing, LLC. Mr. Yowell holds an M.B.A. from the University of Missouri – Kansas City and a B.S. from Trinity University.
“Jeff Yowell has exceeded my expectations and contributed far more than expected by bringing experience and well-thought guidance in many areas to Butler National,” said Chris Reedy, Butler National Corporation President and CEO. “I believe that Jeff Yowell is the right person for the Executive Chairman role to assist me with evolution of Company and the Board in the best interest of shareholders. In this role, the Company will draw on Mr. Yowell’s experience to continue to evolve active Board engagement and operational support to enhance various aspects of the business. I appreciate the commitment of Mr. Yowell,” added Mr. Reedy.
Jeff Yowell commented, “I appreciate the Board’s confidence in my work and direction. I am focused on supporting Company and enhancing shareholder value. While there have been significant changes to the Company, and particularly the Board, over the past year, the positive evolution opportunities in front of us are exciting. I believe that my role of Executive Chairman will complement Chris Reedy and provide a resource that allows him to focus more effectively on driving growth. I look forward to the results that I can achieve in this new role.”
About Butler National Corporation
Butler National Corporation operates in the Aerospace and Professional Services business segments. The Aerospace Products segment includes the manufacture, sale and service of electronic equipment and modifications to aircraft structures and electrical systems to support special mission and commercial aviation operations. We operate two Federal Aviation Administration ("FAA") Repair Stations. Butler National companies, Avcon Industries, Inc. and Butler Avionics, Inc., concentrate on enhancements to Learjet, Beechcraft King Air, Cessna Caravan, Gulfstream, and other turbine powered aircraft. Butler National-Tempe designs and manufactures robust electronic controls and cabling. Butler National Corporation has been a recognized provider of professional management services in the gaming industry for more than 20 years. The Professional Services segment includes the management of a gaming and the related dining and entertainment facility in Dodge City, Kansas. Boot Hill Casino and Resort features approximately 500 slot machines, 14 table games and a DraftKings branded sportsbook.
# # #
For more information, contact:
David Drewitz, Investor Relations
david@creativeoptionscommunications.com
972-814-5723
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Butler National (QX) (USOTC:BUKS)
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De Dic 2024 a Ene 2025
Butler National (QX) (USOTC:BUKS)
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De Ene 2024 a Ene 2025