Current Report Filing (8-k)

 

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) 
April 16, 2018

 

ALLIED HEALTHCARE PRODUCTS, INC.
(Exact name of registrant as specified in its charter)

 

 

Delaware	0-19266	25-1370721
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

1720 Sublette Avenue, St. Louis, Missouri   (Address of principal executive offices)

63110 (Zip Code)

 

Registrant’s telephone number, including area code

[phone]

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:

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o

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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

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.

 

As previously reported, on February 27, 2017, Allied Healthcare Products, Inc. (the “Company”) entered into that certain Loan and Security Agreement (the “Credit Agreement”) with Summit Financial Resources, L.P. (“Summit”) pursuant to which the Company obtained a secured revolving credit facility with borrowing availability (the “Credit Facility”). The Company’s obligations under the Credit Facility are secured by all of the Company’s personal property, both tangible and intangible, pursuant to the terms and subject to the conditions set forth in the Credit Agreement. Availability of funds under the Credit Agreement is based on the Company’s accounts receivable and inventory but will not exceed $2,000,000.00.

 

The Company and Summit have agreed to amend the Credit Agreement to extend its maturity until February 27, 2020, at which time all amounts outstanding under the Credit Facility will be due and payable.

 

The minimum monthly payment of .25% (25 basis points) on the maximum availability ($5,000 per month) will remain in effect. In the event the Company prepays or terminates the Credit Facility prior to February 27, 2019, the Company will be obligated to pay an amount equal to the minimum monthly payment multiplied by the number of months remaining between February 27, 2019 and the date of such prepayment or termination.

 

The foregoing summary of the Credit Agreement is qualified in its entirety by reference to the First Amendment to Loan and Security Agreement, a copy of which is filed herewith as Exhibit 99.1, and incorporated by reference herein.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information related to the Credit Facility discussed under Item 1.01 set forth above is hereby incorporated by reference under this Item 2.03.

 

Item 9.01 Financial Statements and Exhibits.

 

(a)

Not applicable.

(b)

Not applicable.

(c)

Not applicable.

(d)

Exhibits.

 

Exhibit

Number

Description

 

99.1

First Amendment to Loan and Security Agreement, dated April 16, 2018, by and between the Allied Healthcare Products, Inc. and Summit Financial Resources, L.P.

  

 

 

 

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 thereunto duly authorized.

 

	ALLIED HEALTHCARE PRODUCTS, INC.
Date: April 20, 2018	By:	/s/ Daniel C. Dunn
		Daniel C. Dunn Chief Financial Officer