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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Manitex International Inc | NASDAQ:MNTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.21 | -3.60% | 5.62 | 3.43 | 7.00 | 6.31 | 5.41 | 5.96 | 91,367 | 01:00:00 |
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): September 30, 2019
MANITEX INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Charter)
Michigan | 001-32401 | 42-1628978 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
9725 Industrial Drive, Bridgeview, Illinois 60455
(Address of Principal Executive Offices) (Zip Code)
(708) 430-7500
(Registrants Telephone Number, Including Area Code)
(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(s) |
Name of each exchange on which registered |
||
Common Stock, no par value | MNTX | The NASDAQ Stock Market LLC | ||
Preferred Share Purchase Rights | N/A | 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. |
As previously disclosed, on July 20, 2016, Manitex International, Inc. (the Company) and certain of its subsidiaries entered into a Loan and Security Agreement (as amended, the Loan Agreement) with CIBC Bank USA (CIBC) (formerly known as The Private Bank and Trust Company). The Loan Agreement provides the Company with a revolving credit facility. The Loan Agreement was subsequently amended by a First Amendment dated as of August 4, 2016, a Second Amendment dated as of September 30, 2016, a Third Amendment dated as of November 8, 2016, a Fourth Amendment dated February 10, 2017, a Fifth Amendment dated April 26, 2017, a Sixth Amendment dated March 9, 2018 and a Seventh Amendment dated July 23, 2018.
On September 30, 2019, the parties to the Loan Agreement entered into an eighth amendment to the Loan Agreement (the Eighth Amendment). The main modifications to the Loan Agreement resulting from the Eighth Amendment are as follows:
|
increasing the amount of the revolving loan commitment from $25 million to $30 million; |
|
consenting to the use of certain funds for general corporate purposes, including the repayment of subsidiary debt; |
|
modifying certain financial covenants, including the Fixed Charge Coverage Ratio; |
|
providing for the replacement of the LIBOR Rate with an alternative interest rate upon the phasing out of the LIBOR Rate; and |
|
extending the Maturity Date from July 20, 2021 to July 20, 2023. |
The foregoing description of the Eighth Amendment is qualified in its entirety by reference to the full text of the Eighth Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MANITEX INTERNATIONAL, INC. | ||
By: | /s/ Laura R. Yu | |
Name: | Laura R. Yu | |
Title: |
Senior Vice President and Chief Financial Officer |
Date: October 2, 2019
1 Year Manitex Chart |
1 Month Manitex Chart |
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