Attached files
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| EX-99.1 - EXHIBIT 99.1 - Enservco Corp | ex_223663.htm |
| EX-10.1 - EXHIBIT 10.1 - Enservco Corp | ex_223662.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 February 1, 2021
(Date of earliest event reported)
Enservco Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
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001-36335 |
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84-0811316 |
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
14133 County Rd 9 ½
Longmont, CO 80504
(Address of principal executive offices) (Zip Code)
(303) 333-3678
(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 |
Trading Symbol(s) |
Name of each exchange on which registered |
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Common Stock, $0.005 par value |
ENSV |
New York Stock Exchange - American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. ☐
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 1.01. Entry into a Material Definitive Agreement.
On February 1, 2021, Enservco Corporation (“we” or the “Company”) entered into a Sixth Amendment to the Loan and Security Agreement (the “Amendment”) related to its credit facility (the “Credit Facility”) with the East West Bank (the “Bank”) pursuant to which the maturity date of October 15, 2021 was extended to October 21, 2022. The Amendment included the following terms:
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Requires the Company to maintain minimum liquidity with the Bank of $3 million as of April 15, 2021 and then on each month end thereafter, provided that such minimum liquidity requirement is terminated once the Company prepays the equipment loan portion of the Credit Facility by $3 million. |
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Requires that the Company achieve gross revenue of at least 70% of the Company’s projected gross revenue for each trailing three-month period starting March 31, 2021 and continuing monthly thereafter. |
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
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 is hereby incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit |
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Description |
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10.1 |
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99.1 |
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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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ENSERVCO CORPORATION |
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Date: February 2, 2021 |
By: |
/s/ Richard A. Murphy |
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Richard A. Murphy |