Daktronics Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Miscellaneous manufacturing industries
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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): August 26, 2024
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
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(605 ) 692-0200
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Section 1 - Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On August 26, 2024, Daktronics, Inc. (the "Company") entered into a Letter Amendment (the "Amendment") to the Credit Agreement dated as of May 11, 2023, by and among the Company, the other Loan parties (as defined in the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, restated, modified, or supplemented from time to time, the “Credit Agreement”). The Amendment adds a new clause under Section 4.02 of the Credit Agreement, which defines when a Borrowing Base Certificate (as defined in the Credit Agreement) and supporting documentation are required to be delivered in connection with a Borrowing (as defined in the Credit Agreement) requested by the Company or issuance of a Letter of Credit (as defined in the Credit Agreement). The Amendment also amends Section 5.01 of the Credit Agreement to permit the Company to deliver Borrowing Base Certificates and supporting documentation on a quarterly (rather than monthly) basis so long as the Aggregate Revolving Exposure (as defined in the Credit Agreement) is zero.
As of August 26, 2024, there were no Borrowings outstanding under the Credit Agreement, and the balance of Letters of Credit outstanding was approximately $5.3 million.
The foregoing description of the Amendment is qualified in its entirety by reference to such document, a copy of which is filed as Exhibit 10.1 to this Report and incorporated herein by reference.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits:
(d)Exhibits. The following exhibits are filed as part of this Report:
10.1 Letter Agreement to Credit Agreement dated of August 26, 2024 by and among Daktronics, Inc. and the other Borrowers; the other Loan Parties to the Credit Agreement; the Lenders party to the Credit Agreement; and JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the Lenders
104 Cover page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
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.
DAKTRONICS, INC. | ||||||||
| By: /s/ Sheila M. Anderson | ||||||||
Sheila M. Anderson, Chief Financial Officer | ||||||||
Date: August 29, 2024 | ||||||||
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| 104 | Cover page Interactive Data File (embedded within the Inline XBRL document) | |||||||