U.S. AUTO PARTS NETWORK, INC. (NASDAQ:PRTS) Files An 8-K Entry into a Material Definitive Agreement

U.S. AUTO PARTS NETWORK, INC. (NASDAQ:PRTS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.    Entry into a Material Definitive Agreement.

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On April 10, 2020, U.S. Auto Parts Network, Inc. (the “Company”), received loan proceeds of $4,107,388 (the “Loan”) to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. 

The Loan, which was in the form of a promissory note, dated April 8, 2020, between the Company and JPMorgan Chase Bank, N.A. (“JPMorgan”) as the lender, matures on April 8, 2022 and bears interest at a fixed rate of 0.98% per annum, payable monthly commencing in six months. Under the terms of the PPP, the principal may be forgiven if the Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, benefits, rent, and utilities.

The foregoing summary is qualified in its entirety by reference to the Note, which is attached hereto as Exhibit 10.1.

Item 2.03.    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 2.03 by reference.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.

U.S. Auto Parts Network, Inc. Exhibit
EX-10.1 2 prts-20200410ex101da21c2.htm EX-10.1 prts_ex10.1_PPP note Exhibit 10.1     NOTE         Date 4/8/2020 Note Amount $  4,…
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U.S. Auto Parts Network, Inc. is an online source for automotive aftermarket parts and repair information. The Company is an online provider of aftermarket auto parts, including collision parts, engine parts, and performance parts and accessories. Its Websites provide a range of stock keeping units (SKUs) with detailed product descriptions and photographs. The Company operates through two segments: Base USAP, which is the core auto parts business, and AutoMD, an online automotive repair source. The Company offers a range of aftermarket auto parts. The Company classifies its products into three categories: collision parts serving the collision repair segment, engine parts to serve the replacement/wear parts market, and performance parts and accessories. The Company sells its products through its network of Websites and online marketplaces, including www.autopartswarehouse.com, www.carparts.com, www.jcwhitney.com and www.AutoMD.com.

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