UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): June 23, 2020
Dynatronics Corporation
(Exact
name of registrant as specified in its charter)
Utah
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0-12697
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87-0398434
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(State
or Other Jurisdiction of Incorporation)
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Commission
File Number
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(IRS
Employer Identification Number)
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1200 Trapp Rd, Eagan, Minnesota
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55121
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(Address
of principal executive offices)
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(Zip
Code)
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(801) 568-7000
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 14(d)-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
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Trading Symbol(s)
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Name of each exchange on which registered
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Common
stock, no par value
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DYNT
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The
Nasdaq Capital Market
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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 ☐
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
8.01 Other Events
On June
23, 2020, Dynatronics Corporation (“Company” or
“Dynatronics”) announced its plans to close its
Ooltewah, Tennessee facility and met with affected employees to
inform them of this decision. The closure is expected to occur by
September 30, 2020.
The
closure is part of the Company’s previously announced
consolidation and cost reduction initiatives. Products currently
manufactured by the Company at the facility will be manufactured in
the future in the Company’s New Jersey and Minnesota
locations. The Company intends to enter into an agreement with a
third party logistics (“3PL”) partner to provide
fulfillment and distribution services and will be working closely
with customers to ensure a smooth transition. The Company does not
anticipate that the closing of the facility will result in
significant disruption to customer delivery schedules. Dynatronics
believes these actions will result in reduced costs, improved
operating profitability, and provide scalability for
growth.
The
facility currently employs 12 people, all of whom will be
terminated under a reduction in force. Dynatronics owns the
facility and intends to place it for sale in the near future. Cash
and non-cash expenses associated with the closure of the facility
and the reduction in force are expected to be less than
$500K.
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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.
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DYNATRONICS
CORPORATION
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Date: June 23,
2020
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By:
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/s/ Brian
Baker
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Name:
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Brian
Baker
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Title:
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Chief Executive
Officer
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