SUPERIOR DRILLING PRODUCTS, INC. (NYSEAMERICAN: SDPI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On November 21, 2018, certain subsidiaries of Superior Drilling Products, Inc. (the “Company”) entered into an amended and restated note with the seller in its acquisition of Hard Rock Solutions, LLC (as so amended and restated, the “Hard Rock Note”). As amended, the Hard Rock Note accrues interest at 7.25% per annum and matures and is now fully payable on October 5, 2020. The amended Hard Rock Note now requires the obligors to make a principal payment of $750,000.00 plus accrued interest on each of January 5, 2019, April 5, 2019, July 5, 2019, October 5, 2019, January 5, 2020, April 5, 2020, and July 5, 2020, with the remaining balance of principal and accrued interest on the Hard Rock Note due on October 5, 2020.
The foregoing description of the Hard Rock Note is qualified in its entirety by reference to the text of the Hard Rock Note, which is filed as Exhibit 10.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided under Item 1.01 in this Current Report on Form 8-K regarding the amended Hard Rock Note is incorporated by reference into this Item 2.03.
Item 8.01 Other Events.
On November 27, 2018, the Company issued a press release announcing the amended Hard Rock Note. A copy of the press release is filed herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
Superior Drilling Products, Inc. ExhibitEX-10.1 2 ex10-1.htm FOURTH AMENDED AND RESTATED PROMISSORY NOTE $6,…To view the full exhibit click here
