Attached files
| file | filename |
|---|---|
| EX-99.1 - Sunworks, Inc. | ex99-1.htm |
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): December 7, 2020
SUNWORKS, INC.
(Exact Name of the Registrant as Specified in Charter)
| Delaware | 001-36868 | 01-0592299 | ||
| (State
or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1030 Winding Creek Road, Suite 100 Roseville, CA |
95678 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(916) 409-6900
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 | Name of each exchange on which registered | ||
| Common Stock, par value $0.001 | SUNW | NASDAQ Capital Market |
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 December 7, 2020, Sunworks, Inc. (the “Company”) issued a press release announcing that the Company had sold approximately 3.8 million shares of its common stock, raising approximately $20 million in gross proceeds through “at the market” offerings under its prospectus supplement filed on November 25, 2020 (the “ATM Sales”). The Company used a portion of the proceeds from the ATM Sales to fully repay the outstanding balance of approximately $2.7 million under its Loan Agreement with CrowdOut Capital, Inc. Pursuant to the Loan Agreement, interest was payable on promissory notes (the “Notes”), at the rate of the one-month London Interbank Offered Rate (LIBOR) plus 950 basis points and the outstanding amount included a $435,000 exit fee. The Notes would have matured on January 31, 2021.
A copy of the press release is filed as Exhibit 99.1 hereto and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Number | Description | |
| 99.1 | Press Release, dated December 7, 2020. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| SUNWORKS, INC. | ||
| Date: December 7, 2020 | By: | /s / Charles F. Cargile |
| Name: | Charles F. Cargile | |
| Title: | Chairman of the Board | |