Current Report Filing (8-k)
19 November 2020 - 11:44PM
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 19, 2020 (November 16, 2020)
On
Track Innovations Ltd.
(Exact
Name of Registrant as Specified in Its Charter)
Israel
(State
or Other Jurisdiction of Incorporation)
000-49877
|
|
N/A
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
Hatnufa
5, Yokneam Industrial Zone, Yokneam, Israel
|
|
2069200
|
(Address of Principal
Executive Offices)
|
|
(Zip Code)
|
011
972 4 6868000
(Registrant’s
Telephone Number, Including Area Code)
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:
|
☐
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
☐
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
☐
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
☐
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
|
|
Trading
Symbol(s)
|
|
Name
of each exchange on
which registered
|
None
|
|
|
|
|
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule
12b-2 of the Securities Exchange Act of 1934.
Emerging
growth company ☐
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.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
As
previously reported by On Track Innovations Ltd. (the “Company”), in May 2019, ASEC S.A. (Spolka Akcyjna) (the “Subsidiary”),
a wholly-owned Polish subsidiary of the Company, entered into a loan agreement (the “Agreement”) with PKO Bank Polski,
a Polish bank (the “Lender”). In May 2019, pursuant to the Agreement, the Lender provided to the Subsidiary a secured
loan in the amount of $2,000,000 (the “Loan”). On May 11, 2020, as was also reported by the Company, based on Polish
government regulations introduced in relation to the COVID-19 pandemic, the Subsidiary received the consent of the Lender to postpone
the maturity date of the Loan, by six months, to November 22, 2020 instead of May 23, 2020, as the Agreement provided. On November
16, 2020, following the Subsidiary’s request, the Subsidiary received the consent of the Lender to further postpone the
maturity date of the Loan to December 22, 2020. The Loan will be payable in full on maturity (with the option of early repayment
by the Subsidiary) and the interest of 1-month LIBOR plus 1.8% is paid on a monthly basis. The Loan is secured by certain assets
of the Subsidiary. The Agreement includes customary events of default, including, among others, failures to repay any amounts
due to the Lender, breaches or defaults under the terms of the Agreement, etc. If an event of default occurs, the Lender may reduce
the amount of the Loan, demand an additional security or terminate the Agreement.
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
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.
|
On Track Innovations Ltd.
|
|
|
|
Date: November 19, 2020
|
By:
|
/s/ Assaf
Cohen
|
|
Name:
|
Assaf Cohen
|
|
Title:
|
Chief Financial Officer
|
2