Boxlight Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
$BOXL
Other Consumer Services
Real Estate
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 27, 2025
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Item 1.01 Results of Operations and Financial Condition.
On May 27, 2025, Boxlight Corporation, a Nevada corporation (the “Company”), entered into an Inventory Finance Agreement (the “Agreement”) with J.J. ASTOR & CO., a Utah corporation ("J.J ASTOR”). Michael Pope, a current director of the Company and its former chairman, president and chief executive officer, is the chief executive officer of J.J ASTOR. J.J ASTOR is beneficially owned, directly or indirectly, by a private investment fund managed by Mr. Pope.
Under the Agreement, the Company may finance 80% of the purchase of certain finished goods inventory from one of the Company’s manufacturers and suppliers of such inventory up to an aggregate outstanding amount of $6 million. The term of the Agreement is one year. Each advance under the Agreement is payable by the Company within 90 days at a rate of $1.0535 per $0.80 advanced by J.J ASTOR. Any failure by the Company to make a payment in full when due under the Agreement constitutes an event of default. In the event of such default by the Company, the aggregate outstanding balance owing to J.J ASTOR is automatically increased by 10% and begins to accrue interest at the rate of 19% per annum, compounded daily.
The description of the Agreement set forth in this Item 2.03 is not complete and is qualified in its entirety by reference to the full text of the Agreement, which will be filed, with any confidential terms redacted, as an exhibit to the Company’s next periodic report filed with the Securities & Exchange Commission.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this report is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||
| 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.
| BOXLIGHT CORPORATION | ||||||||
| Dated: | June 4, 2025 | |||||||
| By: /s/ Greg Wiggins | ||||||||
| Name: Greg Wiggins | ||||||||
| Title: Chief Financial Officer | ||||||||