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 13, 2021
__________________________________________
 
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 Number)
 
1200 Trapp Rd, Eagan, Minnesota
 
55121
(Address of principal executive offices)
 
(Zip Code)
(801) 568-7000
 
 
(Registrant's telephone number, including area code)
 
 
 
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 14(d)-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(s)
 
Name of each exchange on which registered
Common stock, no par value
 
DYNT
 
The Nasdaq Capital Market
 
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
Enter into a Material Definitive Agreement
 
On May 13, 2021, Dynatronics Corporation (“Dynatronics”) and Maple Leaf Realco VII, LLC closed on the Purchase and Sale Agreement (the “Agreement”) for the sale of Dynatronics’ former manufacturing facility building located at 6607 Mountainview Road, Ooltewah, Tennessee for a purchase price of $1.75 million USD. Net proceeds are estimated to be $1.65 million.
 
Item 8.01 
Other Events.
 
On May 17, 2021, Dynatronics issued a press release announcing the Agreement. A copy of this press release is filed as Exhibit 99.1 to this Report on Form 8-K and is incorporated into this Item 8.01 by reference.
 
Item 9.01
Financial Statements and Exhibits
 
 
 
 
Exhibit Number
 
Description
 
Press Release dated May 17, 2021
 
 
 
 
 
 
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.
  
Date: May 17, 2021
DYNATRONICS CORPORATION
 
 
 
 
 
 
By:  
/s/John Krier
 
 
Name: John Krier
 
Title:    
Chief Executive Officer
 
 
 
 
 
 
 
 
Exhibit 99.1
 
Dynatronics Corporation Announces Closing
of Transaction to Sell Tennessee Facility
 
EAGAN, MN / ACCESSWIRE / May 17, 2021 / Dynatronics Corporation (NASDAQ:DYNT), a leading manufacturer of athletic training, physical therapy, and rehabilitation products, announced today that it has closed on its purchase and sale agreement with Maple Leaf Realco VII, LLC for a purchase price of $1.75 million USD, effective May 13, 2021. Net proceeds to Dynatronics for the sale are approximately $1.65 million.
 
As previously announced, the company closed its facility consisting of 54,000 square feet of manufacturing space in Ooltewah, Tennessee in the second quarter of fiscal year 2021 as part of consolidation and cost reduction initiatives. Products formerly manufactured in Tennessee are now being produced in the company’s New Jersey and Minnesota locations.
 
John Krier, President and Chief Executive Officer of Dynatronics commented, “Closing on this transaction is another step that we have taken to reduce our cost structure, add additional liquidity to capitalize on M&A or innovation partnerships and focus on generating a sustainably profitable financial model for our shareholders. The sale of the facility is a win-win for us, as it adds cash to the balance sheet while simultaneously reducing our operating expenses, and makes us a more efficient manufacturer.”
 
About Dynatronics Corporation
 
Dynatronics Corporation is a leading medical device company committed to providing high-quality restorative products designed to accelerate achieving optimal health. The company designs, manufactures, and sells a broad range of products for clinical use in physical therapy, rehabilitation, pain management, and athletic training. Through its distribution channels, Dynatronics markets and sells to orthopedists, physical therapists, chiropractors, athletic trainers, sports medicine practitioners, clinics, hospitals, and consumers. The company’s products are marketed under a portfolio of high-quality, well-known industry brands including Bird & Cronin®, Dynatron Solaris®, Hausmann™, Physician’s Choice®, and PROTEAM™, among others. More information is available at www.dynatronics.com.
 
Investor Contacts:
 
Dynatronics Corporation
Investor Relations
Skyler Black
(801) 676-7201
ir@dynatronics.com
 
Darrow Associates
Peter Seltzberg, Managing Director
(516) 419-9915
pseltzberg@darrowir.com
 
For additional information, please visit: www.dynatronics.com.
 
 
Connect with Dynatronics on LinkedIn.
 
 
SOURCE: Dynatronics Corporation