UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events
On August 31, 2023, the Company signed a 90-day extension on its revolving line of credit with Wells Fargo Bank, N.A. (“Wells Fargo”) to extend the maturity date to November 30, 2023, on its existing terms. Under the terms of this line of credit, the Company can borrow up to $15,000,000 at an interest rate equal to the bank’s prime rate or secured overnight financing rate plus 2.0%. The line of credit has an unused commitment fee of 0.25% of the available loan amount.
Additionally, as disclosed in the Company’s Form 10-Q for the quarter ended July 7, 2023, the Company is in discussion with Wells Fargo to amend its revolving line of credit to, among other things, decrease availability to $7,500,000 and extend the maturity date to August 31, 2024. The Company cannot make assurances that such an amendment will be agreed upon by the parties and executed.
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.
| BRIDGFORD FOODS CORPORATION | ||
| September 5, 2023 | By: | /s/ Cindy Matthews-Morales |
| Cindy Matthews-Morales | ||
| Principal Financial Officer | ||