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    Artesian Resources Corporation filed SEC Form 8-K: Other Events, Regulation FD Disclosure, Financial Statements and Exhibits

    4/7/25 12:25:42 PM ET
    $ARTNA
    Water Supply
    Utilities
    Get the next $ARTNA alert in real time by email
    false000086311000008631102025-04-042025-04-04


    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 4, 2025

    ARTESIAN RESOURCES CORP
    (Exact name of registrant as specified in its charter)

    Delaware
     
    000-18516
     
    51-0002090
    (State or other jurisdiction
    of incorporation)
     
    (Commission
    File Number)
     
    (IRS Employer
    Identification No.)

    664 Churchmans Road
    Newark, Delaware 19702
    (Address of principal executive offices, including zip code)

    (302) 453-6900
    (Registrant's telephone number, including area code)

    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 (see General Instruction A.2. below):
    ☐ 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 Securities Exchange Act of 1934:

    Title of each class
    Trading Symbol(s)
    Name of each exchange on which registered
    Common Stock
    ARTNA
    NASDAQ

    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 8.01  Other Events.

    On April 4, 2025, Artesian Water Company, Inc. (“Artesian Water”), the principal subsidiary of Artesian Resources Corporation (the “Company”), filed a request with the Delaware Public Service Commission to implement new rates to meet a requested increase in revenue of 12.41%, or approximately $10.8 million, on an annualized basis.  The actual effective increase is less than 12.41% since Artesian Water has been permitted to recover specific investments made in infrastructure through the assessment of a 1.66% Distribution System Infrastructure Charge (“DSIC”).  Since the DSIC rate is set to zero when temporary rates are placed into effect, customers would experience an incremental increase of 10.75%, the net of the overall 12.41% increase less the DSIC rate of 1.66% currently in effect, if the requested increase is granted in full by the Delaware Public Service Commission.  The new rates are designed to support Artesian Water’s ongoing capital improvement program and to cover increased costs of operations, including chemicals and electricity for water treatment, water quality regulation compliance, taxes, labor and benefits.  In accordance with applicable Delaware law, Artesian Water is permitted to place into effect temporary rates of up to 15% of gross water sales, or $2.5 million, whichever is lower, on an annual basis, 60 days after the application is accepted, subject to refund, until permanent rates are determined by the Delaware Public Service Commission.  Artesian Water’s last comprehensive application for an increase in base rate charges was filed in April 2023.

    Item 7.01 Regulation FD Disclosure.

    On April 4, 2025, the Company issued a press release relating to Artesian Water’s filing with the Delaware Public Service Commission for a change in customer rates.  A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

    The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

    Item 9.01. Financial Statements and Exhibits.

    (d) Exhibits. The following exhibits are filed with this Current Report on Form 8-K:

    No.
     
    Description of Exhibits
    99.1
     
    Press Release dated April 4, 2025
    104
     
    Cover Page Interactive Data File (embedded within the Inline XBRL document)





    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 hereunto duly authorized.

       
    ARTESIAN RESOURCES CORPORATION
     
    Date: April 7, 2025
     
    By:    /s/ David B. Spacht
     
       
    David B. Spacht
     
       
    Chief Financial Officer
     

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