STR Holdings, Inc. (OTCMKTS:STRI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
As disclosed in STR Holdings, Inc.’s (the “Company”) Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, the Company previously announced that its Spanish subsidiary, Specialized Technology Resources Espana, S.A.U. (“STR Spain”), had received preliminary approval for a term loan (the “Loan”) from the Spanish Ministry of Industry, Commerce and Tourism (“REINDUS”). On September 10, 2019, REINDUS loaned STR Spain an aggregate principal amount of €2,621,781 million (approximately $2.9 million based on noon buying rates published by the Federal Reserve Bank of New York for the Euro on such date). STR Spain expects to use the Loan proceeds to help finance the launch and operation of its food packaging products business. The Loan matures in September 2029, with principal due and payable in seven equal annual installments of €374,540 each, commencing in September 2023. Interest, which is payable annually in arrears, accrues at the annual rate of 1.647% for the life of the Loan. The Loan is partially secured by bank guarantees in an initial total amount of €1,198,859 (41% of the total principal and interest amounts due). The required total amount of the bank guarantees is reduced over the term of the loan as principal and interest payments are made.
On September 24, 2019, the Company held its Annual Meeting of Stockholders (the “Annual Meeting”). The Company’s stockholders voted on the three proposals detailed in the Company’s Definitive Proxy Statement on Schedule 14A, which was filed with the Securities and Exchange Commission on August 15, 2019.
The proposals voted on by the stockholders at the Annual Meeting were as follows:
1. The Company’s stockholders elected seven individuals to the Board of Directors to serve one-year terms or until their successors are duly qualified and elected or until their earlier death, resignation or removal, as set forth below:
(d) Exhibits.
| 99.1 | Amended and Restated STR Holdings, Inc. 2009 Equity Incentive Plan. |
STR HOLDINGS, INC. Exhibit
EX-99.1 2 exh_991.htm EXHIBIT 99.1 Exhibit 99.1 STR Holdings,…
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About STR Holdings, Inc. (OTCMKTS:STRI)
STR Holdings, Inc. is a holding company. The Company is a provider of encapsulants to the solar industry. Encapsulant is a component used to protect solar cells and hold solar modules together. The Company has developed ethylene-vinyl acetate (EVA)-based encapsulants for use in commercial solar module manufacturing. The Company’s encapsulant formulations offer a range of properties and processing attributes, including various curing times and temperatures that align with the requirements of its customers’ individual lamination processes and module constructions. The Company’s formulations can be used in both crystalline silicon and thin-film modules. The Company operates production facilities in Llanera, Asturias, Spain and Shajiabang, Changshu, Jiangsu Province, China. It has a total annual production capacity of approximately 5.1 gigawatts. Its customers are solar module manufacturers located mainly in North America, Europe and Asia.