Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - EDUCATIONAL DEVELOPMENT CORP | exh_991.htm |
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 12, 2020 (May 12, 2020)
EDUCATIONAL DEVELOPMENT CORPORATION
(Exact Name of Registrant as Specified in Charter)
| Delaware | 000-04957 | 73-0750007 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 5402 S 122nd E Avenue, Tulsa, Oklahoma 74146 |
| (Address of Principal Executive Offices) (Zip Code) |
(918) 622-4522
(Registrant's telephone number, including area code)
(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:
| Title of each class | Trading Symbols | Name of each exchange on which registered |
| Common stock, $.20 par value | EDUC | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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 1.02. Termination of a Material Definitive Agreement.
On May 12, 2020, Educational Development Corporation (the “Company”), repaid the loan with MidFirst Bank as the lender (“Lender”) in an aggregate principal amount of $1,447,400 (the “Loan”) which was originally taken pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Company issued a press release regarding the loan repayment, along with other recent developments.
Item 2.02. Results of Operations and Financial Condition.
On May 12, 2020, the Company announced, via press release, significant net revenues increase in April 2020, along with significant increase in active consultants of UBAM division.
Item 7.01. Regulation FD Disclosure.
On May 12, 2020, Educational Development Corporation, announced via press release, the repayment of the loan along with other recent significant developments.
Item 9.01. Financial Statements and Exhibits.
(d) EXHIBITSExhibit Number Description 99.1 Press release dated as of dated May 12, 2020
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.
| EDUCATIONAL DEVELOPMENT CORPORATION | ||
| Date: May 12, 2020 | By: | /s/ Randall W. White |
| Randall W. White | ||
| President and Chief Executive Officer | ||