Current Report Filing (8-k)
26 November 2019 - 8:40AM
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):
November
20, 2019
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
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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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Common
Stock
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SDPI
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NYSE
American
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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.
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Entry
into a Material Definitive Agreement.
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Effective
November 20, 2019, Superior Drilling Solutions, LLC (“SDS”), a subsidiary of Superior Drilling Company, Inc. (the
“Company”), entered into a Receivables Purchase Agreement with MUFG Union Bank, N.A. (“MUFG”). Under the
agreement, MUFG will purchase accounts receivable from SDS from time to time at a discounted rate determined on accordance with
reference to a formula in the agreement. The receivables relate to the Company’s agreement with Baker Hughes. The agreement
includes standard representations, warranties and covenants on the parties.
The
foregoing summary is qualified in its entirety by reference to the full text of the Receivables Purchase Agreement which is filed
as Exhibit 10.1 hereto and is incorporated herein by reference.
Item
9.01
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Financial
Statements and Exhibits.
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*
Filed herewith
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:
November 25, 2019
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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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