AMERICAN POWER GROUP CORPORATION (OTCMKTS:APGI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On September 14, 2017, American Power Group, Inc. (“APG”), a wholly owned subsidiary of American Power Group Corporation, and Iowa State Bank (the “Bank”), entered into a Change of Terms Agreement, to which the maturity of APG’s $500,000 Revolving Line of Credit was extended from September 14, 2017 to October 14, 2017.
|Item 3.01||Notice of Delisting or Failure To Satisfy a Continued Listing Rule or Standard; Transfer of Listing|
On September 18, 2017, American Power Group Corporation (the “Company”) was notified by the OTC Markets Group that the bid price of the Company’s common stock has closed below $0.01 for more than 30 consecutive calendar days and no longer meet the Standards for Continued Eligibility for OTCQB as per the OTCQB Standards, Section 2.3(2), which states that the Company must “maintain proprietary priced quotations published by a Market Maker in OTC Link with a minimum closing bid price of $.01 per share on at least one of the prior thirty consecutive calendar days.
Per Section 4.1 of the OTCQB Standards, the Company will be granted a cure period of 90 calendar days during which the minimum closing bid price for the Company’s common stock must be $.01 or greater for ten consecutive trading days in order to continue trading on the OTCQB marketplace. If this requirement is not met by December 17, 2017, the Company will be removed from the OTCQB and moved to the OTCPINK. In addition, in the event that the Company’s closing bid price falls below $0.001 at any time for five consecutive trading days, the Company will be immediately removed from OTCQB and moved to the OTCPINK.
See Item 3.01
|Item 9.01||Financial Statements and Exhibits|
AMERICAN POWER GROUP Corp Exhibit…To view the full exhibit click
About AMERICAN POWER GROUP CORPORATION (OTCMKTS:APGI)
American Power Group Corporation operates through two segments: dual fuel conversion operations and natural gas liquids operations. The Company’s dual fuel conversion system is an external fuel delivery enhancement system that converts existing diesel engines into environmentally friendly engines that have the flexibility, depending on the circumstances, to run on diesel fuel and compressed natural gas (CNG) or liquefied natural gas (LNG); diesel fuel and pipeline gas, well-head gas or approved bio-methane, and diesel. The Company’s technology displaces approximately 75% (average displacement ranges from 40% to 65%) of the normal diesel fuel consumption with various forms of natural gas. The Company provides flare capture and recovery services to operators of the drilling equipment needing to meet their mandated flare gas capture limits by processing their previously flared gas for an agreed upon processing fee.