PEN INC. (OTCMKTS:PENC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On April 3, 2017, our wholly-owned subsidiary Nanofilm, Ltd.
entered into a second amendment to its Loan and Security
Agreement with Mackinac Commercial Credit ABL Division of MBank
(Lender) to extend the maturity date to April 4, 2017 with a
renewal option until April 4, 2018. The interest rate was reduced
to prime, as reported in the Wall Street Journal, plus 3% with
other provisions remaining the same in all material respects. At
the same time, we affirmed our guaranty of Nanofilms obligations
to the Lender.
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. PEN INC. (OTCMKTS:PENC) Recent Trading Information
PEN INC. (OTCMKTS:PENC) closed its last trading session 00.00 at 1.30 with 1,545 shares trading hands.