SUNWORKS, INC. (NASDAQ:SUNW) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On January 28, 2020, Sunworks, Inc. (the “Company”) entered into a second amendment (the “Amendment”) to its Loan Agreement with CrowdOut Capital, LLC (“CrowdOut”) to which the Loan Agreement was amended to permit the partial prepayment of One Million Five Hundred Thousand Dollars ($1,5000,000) of the loan amount without any prepayment fees. In addition, the Amendment provides that, unless an event of default occurs under the Loan Agreement, CrowdOut will no longer have the right to designate a member to the Company’s Board of Directors.
The description of the material terms of the Amendment is not intended to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
The Amendment was announced by a widely disseminated press release. Furnished herewith as Exhibit 99.1 and incorporated by reference herein is a copy of the press release.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Joshua Schechter
On January 27, 2020, the Board of Directors of the Company received written notice from Joshua Schechter of his resignation from the Board and as the Board’s Chairman, effective immediately.
Mr. Schechter indicated that his decision to resign from the Board was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, practices or otherwise.
Appointment of Mr. Charles Cargile as Chairman of the Board
Effective as of the date of the Amendment, the Board appointed Mr. Charles Cargile as Chairman of the Board to fill the vacancy resulting from Mr. Schechter’s resignation.
The appointment of Mr. Cargile as Chairman of the Board was announced by a widely disseminated press release. Furnished herewith as Exhibit 99.1 and incorporated by reference herein is a copy of the press release.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 10.1 | Second Amendment to Loan Agreement, dated January 28, 2020, between CrowdOut Capital, LLC and Sunworks, Inc. |
| 99.1 | Press Release issued by Sunworks, Inc. on January 29, 2020. |
Sunworks, Inc. Exhibit
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About SUNWORKS, INC. (NASDAQ:SUNW)
Sunworks, Inc., formerly Solar3D, Inc., provides photo voltaic (PV) based power systems for the residential, commercial and agricultural markets in California and Nevada. The Company, through its operating subsidiaries, designs, arranges financing, integrates, installs and manages systems ranging in size from 2 kilowatt (KW) for residential loads to multi megawatts (MW) systems for larger commercial projects. The Company’s commercial installations include office buildings, manufacturing plants, warehouses and agricultural facilities, such as farms, wineries and dairies. The Company provides a range of installation services to its solar energy customers, including design, system engineering, procurement, permitting, construction, grid connection, warranty, system monitoring and maintenance. The Company has installed over 850 systems in California and Nevada.
