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
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Date of Report (Date of Earliest Event Reported):
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April 24, 2020
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BK Technologies Corporation
__________________________________________
(Exact name of registrant as specified in its charter)
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Nevada
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001-32644
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83-4064262
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(State
or other jurisdiction of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer Identification
No.)
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7100
Technology Drive, West Melbourne, FL
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32904
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s telephone number,
including area code:
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(321) 984-1414
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N/A
____________________________________________
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:
[ ] 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 Act:
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Title
of each class
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Trading
Symbol(s)
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Name of
each exchange on which registered
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Common Stock, par value $0.60 per share
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BKTI
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NYSE American
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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
5.02.
Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On
April 24, 2020, Ryan R.K. Turner submitted his resignation from the
Board of Directors (the “Board”) of BK Technologies
Corporation (the “Company”), effective immediately. Mr.
Turner’s resignation was not due to any disagreement with the
Company.
On the
same day, D. Kyle Cerminara and Lewis M. Johnson notified the Board
of their desire to step down as Chairman and Co-Chairman of the
Board, respectively, and the Board determined to transition to John
W. Struble as Chairman of the Board, effective
immediately.
Item
8.01.
Other Events.
As
previously announced, on April 13, 2020, BK Technologies, Inc. (the
“Borrower”), a wholly-owned operating subsidiary of the
Company, received a loan of $2,196,335 (the “Loan”)
from JPMorgan Chase Bank, N.A. (the “Lender”) under the
U.S. Small Business Administration (“SBA”) Paycheck
Protection Program (or “PPP”) of the Coronavirus Aid,
Relief, and Economic Security Act (the “CARES Act”).
The Borrower intended to use the Loan for qualifying expenses in
accordance with the terms of the CARES Act. At the time the
Borrower applied for the Loan, it believed it qualified to receive
the funds pursuant to the PPP.
On
April 23, 2020, the SBA, in consultation with the Department of
Treasury, issued new guidance that creates additional uncertainty
regarding the qualification requirements for a PPP loan. On April
24, 2020, out of an abundance of caution, the Board determined
to repay, and the Borrower initiated the immediate repayment of,
the full amount of the Loan to the Lender.
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.
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BK TECHNOLOGIES CORPORATION |
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Date:
April 24, 2020
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By:
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/s/ William P.
Kelly
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William P.
Kelly
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Executive Vice
President and
Chief
Financial Officer
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