Current Report Filing (8-k)
04 Marzo 2019 - 4:16PM
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):
|
February 26, 2019
|
EnSync, Inc.
(Exact name of registrant
as specified in charter)
Wisconsin
|
|
001-33540
|
|
39-1987014
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
file number)
|
|
(IRS Employer
Identification Number)
|
N88 W13901 Main Street, Menomonee Falls, Wisconsin
|
|
53051
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Registrant’s
telephone number, including area code:
|
(262) 253-9800
|
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))
|
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).
¨
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 February 26, 2019, EnSync, Inc. (the “Company”)
entered into a Loan and Security Agreement (the “Agreement”) with Analytics Plus, LLC, a Wisconsin limited liability
company (the “Secured Lender”). The Agreement provides that the Secured Lender will make loans (each, a “Loan”),
to the Company in an aggregate amount up to $500,000 (the “Loan Commitment”). On February 26, 2019, the Secured Lender
made a Loan to the Company in the full amount of the Loan Commitment, secured by a continuing security interest in substantially
all of the Company’s assets (the “Secured Loan”). Additionally, the Secured Loan is guaranteed by certain of
the Company’s subsidiaries.
The Secured Loan bears interest at an annual interest rate
of 8%. The Secured Loan matures on March 13, 2019. The Company will use the proceeds of the Secured Loan for working capital and
other business purposes.
The Agreement includes customary events of default, including,
among others, failures to make payment of principal and interest, breaches or defaults under the terms of the Agreement and related
agreements entered into with the Secured Lenders, breaches of representations or warranties made by or on behalf of the Company
in the Agreement and related documents, certain judgments against the Company and bankruptcy events. If an event of default occurs,
the Secured Lender’s obligation to make any Loans under the Agreement shall terminate and the Secured Lender may, among other
things, declare all outstanding principal and accrued interest of any Loan immediately due and payable and enforce any and all
liens created in connection with the Agreement.
Item 2.03.
|
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
|
The description set forth in Item 1.01 – Entry into Material
Definitive Agreement is incorporated by reference into this Item 2.03 – Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
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.
|
EnSync, Inc.
|
|
|
|
|
Dated: March 4, 2019
|
By:
|
/s/ Sandeep Gupta
|
|
|
Name:
|
Sandeep Gupta
|
|
|
Title:
|
Interim Chief Executive Officer and Chief Restructuring Officer
|
Common Shares (CE) (USOTC:ESNC)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Common Shares (CE) (USOTC:ESNC)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
Real-Time news about Common Shares (CE) (OTCMarkets): 0 recent articles
Más de Ensync, Inc. Artículos de Noticias