Current Report Filing (8-k)
05 April 2018 - 8:14PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
Current
Report
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE
OF REPORT (DATE OF EARLIEST EVENT REPORTED):
April
5, 2018
SUPERIOR
DRILLING PRODUCTS, INC.
(Exact
name of registrant as specified in its charter)
Utah
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46-4341605
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(State
of Incorporation)
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(I.R.S.
Employer Identification No.)
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1583
South 1700 East
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Vernal,
Utah
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84078
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(Address
of principal executive offices)
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(Zip
code)
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Commission
File Number:
001-36453
Registrant’s
telephone number, including area code:
(435) 789-0594
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [X]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item
1.01. Entry into a Material Definitive Agreement.
Effective
April 1, 2018, a wholly-owned subsidiary of Superior Drilling Product, Inc. (the “Company”) entered into a Vendor
Agreement (the “Agreement”) with Baker Hughes Oilfield Operations LLC (“Baker Hughes”), replacing their
existing Vendor Agreement which expired on March 31, 2018. Pursuant to the Agreement, the Company will receive a minimum order
volume for drill bit refurbishment services (subject to mutually agreed adjustments in the event of market deterioration) and
will continue to exclusively provide these services for Baker Hughes. The Agreement has a four year term and either party has
the right to cancel the Agreement with six months prior notice. The Agreement contains other customary provisions regarding ownership
of work product, confidential information, non-competition and insurance, as well as mutual indemnification.
The
foregoing description of the Agreement is qualified in its entirety by reference to the text of the Agreement, a copy of which
the Company plans to file as an exhibit to its Annual Report on Form 10-Q for the quarter ended March 31, 2018. The Company intends
to request confidential treatment for certain portions of the Agreement, which will be omitted from the exhibit.
Item
8.01. Other Events.
On
April 5, 2018, the Company issued a press release in connection with the entry into the Agreement. The full text of the press
release is attached hereto as Exhibit 99.1.
Item
9.01 Financial Statements and Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date:
April 5, 2018
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SUPERIOR
DRILLING PRODUCTS, INC.
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/s/
Christopher D. Cashion
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Christopher
D. Cashion
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Chief
Financial Officer
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