PEN INC. (OTCMKTS:PENC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On August 8, 2018, our wholly-owned subsidiary PEN Brands LLC entered into the fifth amendment to its Loan and Security Agreement with MBank. The amendment renews the agreement through July 3, 2018 and provides for an automatic one-year renewal at that time unless either party elects not to renew. The fifth amendment also limits the amounts that PEN Brands LLC can advance to its parent, and provides that advances based on eligible inventory will reduce monthly by $7,500 per month starting November 1, 2018. Other terms are substantially the same.
About PEN INC. (OTCMKTS:PENC)
PEN Inc. is engaged in the marketing and sale of products enabled by nanotechnology. The Company develops and sells products based on its portfolio of intellectual property and its products include a portfolio of nano-layer coatings, nano-based cleaners, printable inks and pastes and thermal management materials. Its segments include Product Segment, which is engaged in the development of specialty products utilizing nanotechnology to deliver performance attributes at the surfaces of a range of substrates, and Research and Development Segment, which performs research services. The Company’s products encompass liquid and towelette formulations; anti-fogging liquid and towelette formulations; mar resistant and stain resistant coatings; protective coatings used on display panels and touch screens; protective and water repelling coatings on interior glass, decorated glass panels and shower doors, and coatings for ceramic insulators used in transit and underground subways systems.