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 22,
2020
Dynatronics Corporation
(Exact name of registrant as specified in its charter)
|
|
|
|
|
|
Utah
|
|
0-12697
|
|
87-0398434
|
(State or other jurisdiction of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
|
|
|
|
|
7030 Park Centre Dr., Cottonwood Heights, Utah
|
|
84121
|
|
(801) 568-7000
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
(Registrant’s telephone number, including area
code)
|
|
|
|
|
|
Not
Applicable
|
(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
|
|
Name of each exchange on which registered
|
Common Stock, no par value per share
|
|
DYNT
|
|
The NASDAQ Stock Market LLC
|
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
January 22, 2020, Dynatronics Corporation and its subsidiaries
(“Dynatronics” or the “Company”) entered
into a Sixth Modification Agreement (the
“Modification”) to its existing Loan and Security
Agreement (as amended, the “Credit Agreement”) with
Bank of the West. The Modification was executed and effective on
January 22, 2020.
The
Modification of the Credit Agreement extends the maturity date of
the line of credit with Bank of the West to January 15,
2022.
The
foregoing is not a complete description of the Modification and is
qualified in its entirety by reference to the full text of the
Modification, a copy of which is filed as Exhibit 10.1 hereto and
is incorporated by reference herein. In addition, the information
set forth in this Item 1.01, including the Modification, should be
read together with the information included in the Company’s
other filings with the SEC, including the Company’s Annual
Report on Form 10-K for the fiscal year ended June 30,
2019.
Item 9.01 Financial Statements and
Exhibits.
(d)
Exhibits
Exhibit
|
|
Description
|
|
|
Sixth Modification Agreement, dated January 22, 2020.
|
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.
|
Dynatronics Corporation
|
|
|
|
|
|
Date:
January 27, 2020
|
By:
|
/s/
David Wirthlin
|
|
|
|
David Wirthlin
|
|
|
|
Chief Financial Officer
|
|