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): May 4,
2020
BK Technologies
Corporation
(Exact name of
registrant as specified in its charter)
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Nevada
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001-32644
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83-4064262
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(State or
other jurisdiction of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer Identification
No.)
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7100
Technology Drive, West Melbourne, FL
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32904
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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:
(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:
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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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Common Stock,
par value $0.60 per share
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BKTI
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NYSE
American
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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. [ ]
Item
2.05. Costs Associated with Exit or Disposal
Activities.
On May
4, 2020, BK Technologies Corporation (the “Company”)
committed to workforce reductions of approximately 18%, which are
being implemented as part of the Company’s cost cutting
initiatives to better position the Company in an uncertain business
environment resulting from the COVID-19 pandemic. The terminations
were effective May 4, 2020. The Company expects to incur an
aggregate of approximately $221,000 in severance costs relating to
these workforce reductions. These costs will be recognized in the
second quarter of 2020 and will be paid over the next five
months.
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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BK
TECHNOLOGIES CORPORATION
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Date: May 4,
2020
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By:
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/s/ William P. Kelly
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William P. Kelly
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Executive Vice President
and
Chief Financial
Officer
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