UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 31, 2020
Wireless Telecom Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
New Jersey
(State or Other Jurisdiction of Incorporation)
001-11916 | 22-2582295 | |
(Commission File Number) |
(IRS Employer Identification No.) |
25 Eastmans Road Parsippany, New Jersey |
07054 | |
(Address of Principal Executive Offices) | (Zip Code) |
(973) 386-9696
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock | WTT | NYSE American |
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):
[ ] | 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).
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. |
Amendment to Share Purchase Agreement
On January 31, 2020, Wireless Telecom Group, Inc. (the “Company”) entered into an Amendment to the Share Purchase Agreement dated November 13, 2019 (the “Purchase Agreement”) with Holzworth Instrumentation Inc., a Colorado corporation, Jason Breitbarth, Joe Koebel and Leyla Bly (collectively, “Sellers”), and Jason Breitbarth as the designated representative of Sellers (“Sellers’ Representative”). Pursuant to Section 10.1(c) of the Purchase Agreement, either the Company or the Sellers’ Representative may terminate the Purchase Agreement if closing does not occur on or before January 31, 2020. The Amendment executed on January 31, 2020 revises Section 10.1(c) to extend the date either the Company or the Sellers’ Representative may terminate the Purchase Agreement if closing does not occur from on or before January 31, 2020 to on or before February 13, 2020.
Item 9.01 | Financial Statements and Exhibits. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WIRELESS TELECOM GROUP, INC. | ||
Date: February 3, 2020 | By: | /s/ Michael J Kandell |
Michael J Kandell | ||
Chief Financial Officer and Corporate Secretary |
FIRST AMENDMENT TO SHARE PURCHASE AGREEMENT
This First Amendment to Share Purchase Agreement (this “Amendment”), effective as of January 31, 2020, among Wireless Telecom Group, Inc., a New Jersey corporation (“Purchaser”); Holzworth Instrumentation Inc., a Colorado corporation (the “Company”); Jason Breitbarth, Joe Koebel and Leyla Bly (each a “Seller” and collectively, “Sellers”); and Jason Breitbarth as the designated representative of Sellers (“Sellers’ Representative”, collectively with Purchaser, the Company, and Sellers, the “Parties”).
All capitalized terms used and not defined herein shall have the meanings given such terms in the Share Purchase Agreement, dated November 13, 2019, by and among the Purchaser, the Company, Sellers and Sellers’ Representative (the “Purchase Agreement”).
RECITALS
WHEREAS, pursuant to the Purchase Agreement, Purchaser agreed to purchase all of the Acquired Shares from the Sellers in exchange for the Purchase Price;
WHEREAS, pursuant to Section 10.1(c) of the Purchase Agreement, either Purchaser or Sellers’ Representative may terminate the Purchase Agreement if the Closing shall not have been consummated on or before January 31, 2020 (provided, however, that no Party may terminate the Purchase Agreement pursuant to Section 10.1(c) if such Party’s breach of its obligation under the Purchase Agreement resulted in or was a primary cause of the failure of the Closing to occur on or before the End Date);
WHEREAS, the Parties wish to amend the Purchase Agreement to extend the End Date through February 13, 2020; and
WHEREAS, pursuant to Section 13.7 of the Purchase Agreement, the Purchase Agreement may be amended by written agreement of the Purchaser and Sellers.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted by the Parties, and intending to be legally bound hereby, the Parties hereby agree as follows:
1. Amendment of Purchase Agreement. Section 10.1(c) of the Purchase Agreement is hereby deleted in its entirety and replaced in lieu thereof with the following:
“(c) by either Purchaser or Sellers’ Representative if the Closing shall not have been consummated on or before February 13, 2020 (the “End Date”); provided, however, that no party may terminate this Agreement pursuant to this Section 10.1(c) if such Party’s breach of its obligation under this Agreement resulted in or was a primary cause of the failure of the Closing to occur on or before the End Date;”
2. Miscellaneous.
a. Conflicting Provisions. This Amendment, together with the Purchase Agreement and other Transaction Documents, constitutes the complete agreement among the Parties with respect to the subject matter hereof and thereof; provided that this Amendment supersedes any prior understandings, agreements or representations by or among the Parties, written or oral, which relate to the subject matter hereof among the Parties. Except as expressly contemplated herein, the Purchase Agreement and the other Transaction Documents shall otherwise remain in full force and effect in accordance with their terms. In the event of conflict among this Amendment and any of the Transaction Documents, this Amendment shall control.
b. Binding Effect. Upon each Party’s acceptance hereof by signing in the space provided below, this Amendment shall constitute a binding agreement among the Parties, and shall inure to the benefit of the Parties’ respective successors and assigns. The Parties hereby acknowledge the receipt and sufficiency of good and valuable consideration for their obligations hereunder.
c. Other Provisions. Sections 13.5, 13.7, 13.9 and 13.12 of the Purchase Agreement are hereby incorporated by reference into this Amendment and shall apply to this Amendment and be binding upon the Parties, mutatis mutandis, as though included in their entirety herein.
(Signature Page Follows)
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.
PURCHASER: | ||
Wireless Telecom Group, Inc. | ||
By: | /s/ Timothy Whelan | |
Name: | Timothy Whelan | |
Title: | Chief Executive Officer |
[Signatures Continue on Following Page]
[Signature Page to First Amendment to Share Purchase Agreement]
[Signatures Continued from Previous Page]
SELLERS: | |
/s/ Jason Breitbarth | |
Jason Breitbarth | |
/s/ Joseph A Kobel | |
Joe Koebel | |
/s/ Leyla Bly | |
Leyla Bly |
FIRST AMENDMENT ACKNOWLEDGED AND AGREED: | ||
COMPANY: | ||
HOLZWORTH INSTRUMENTATION Inc. | ||
By: | /s/ Jason Breitbarth | |
Name: | Jason Breitbarth | |
Title: | President | |
SELLERS’ REPRESENTATIVE: | ||
/s/ Jason Breitbarth | ||
Jason Breitbarth |
[Signature Page to First Amendment to Share Purchase Agreement]