UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Item 1.01 Entry into a Material Definitive Agreement.
As previously reported, the Company is party to a Loan and Security Agreement with North Mill Capital, LLC (“North Mill”), as successor in interest to Summit Financial Resources, L.P., dated effective February 27, 2017, as amended April 16, 2018, April 24, 2019, December 18, 2020 and October 7, 2021 (as amended, the “Credit Agreement”). 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.
Effective June 13, 2022, the Company and North Mill amended the Credit Agreement to extend the maturity date to September 30, 2024. Additionally, the following terms of the Credit Agreement have been amended:
| - | The prepayment penalty, which was previously (i) the minimum monthly payment multiplied by (ii) the number of months remaining between February 27, 2022 and the date of such prepayment or termination, has been amended to (i) the minimum monthly payment multiplied by (ii) the number of months remaining between September 30, 2024 and the date of such prepayment or termination. |
The Company paid a modification few of $5,000.
The foregoing summary of the Credit Agreement is qualified in its entirety by reference to the Fifth 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 Agreement 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 | Fifth Amendment to Loan and Security Agreement, dated June 13, 2022, by and between the Allied Healthcare Products, Inc. and North Mill Capital, LLC. | |
| 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |
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. | |||
| By: | |||
| Date: June 14, 2022 | /s/ Daniel C. Dunn | ||
| Daniel C. Dunn | |||
| Chief Financial Officer | |||