BE Industries Inc. (NYSE:RPM) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Item 2.04 Triggering Events That Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement
On and effective as of August 10, 2016, BE Industries Inc. (f/k/a
NAC Global Technologies, Inc.) (the Company) entered into the
Second Amended and Restated Unsecured Promissory Note (the Note)
with Dominion Capital LLC (Dominion). The principal amount of the
Note was $375,000 and the interest rate was 0%. to the Note,
$175,000 of the principal amount shall be due and payable on the
earlier of (i) the date that the Company and its subsidiaries
consummate, beginning from and after the date of the Note, equity
financing in the aggregate of at least $2,000,000 (the First
Equity Financing Date) and (ii) 120 days after the issuance date
of the Note. The remaining principal amount under the Note of
$200,000 shall be due and payable on the earlier of (i) the date
that the Company and its subsidiaries consummate, beginning from
and after the First Equity Financing Date, additional equity
financing in the aggregate of at least $2,000,000 and (ii) 14
month anniversary of the issuance date of the Note. The Company
made a payment of $75,000 on December 12, 2016 upon the
consummation of a private placement.
On April 4, 2017, the Company received a notice letter from
Dominion, alleging, among other matters, that the Company
defaulted under the Note for a failure to pay the balance of the
first installment payment. As a result, Dominion declared all
unpaid principal be due and payable immediately. In addition, to
the terms of the Note, the Company shall pay reasonable costs of
collection incurred by Dominion upon the occurrence and during
the duration of an event of default.
About BE Industries Inc. (NYSE:RPM)
RPM International Inc., through its subsidiaries, manufactures, markets and sells various specialty chemical product lines, including specialty paints, protective coatings, roofing systems, sealants and adhesives, focusing on the maintenance of industrial, specialty and consumer markets. The Company operates through three segments: the industrial reportable segment (industrial segment), the specialty reportable segment (specialty segment) and the consumer reportable segment (consumer segment). Its family of products includes those marketed under brand names, such as API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. As of May 31, 2016, its subsidiaries marketed products in approximately 164 countries and territories, and operated manufacturing facilities in approximately 120 locations. BE Industries Inc. (NYSE:RPM) Recent Trading Information
BE Industries Inc. (NYSE:RPM) closed its last trading session down -0.48 at 51.80 with 1,890,423 shares trading hands.