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 29,
2021
__________________________________________
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
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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 1.02 Termination of a Material Definitive
Agreement
Dynatronics
Corporation (the “Company”) previously
reported in its Current Report on Form 8-K filed on May 1, 2020
that the Company entered into a promissory note evidencing an
unsecured loan in the amount of $3,477,412.00 made to the Company
under the Paycheck Protection Program (the “PPP Loan”), established
under the Coronavirus Aid, Relief, and Economic Security Act and
administered by the U.S. Small Business Administration (the
“SBA”).
The PPP Loan to the Company was made through Bank of the West (the
“Lender”).
On June
29, 2021, the Company received notification from the Lender that
the SBA approved the Company’s PPP Loan forgiveness
application for the entire PPP Loan balance of $3,517,981.81,
including all accrued interest thereon, leaving the Company with a
remaining PPP Loan balance of zero.
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:
July 2, 2021
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DYNATRONICS CORPORATION
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By:
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/s/John
Krier
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Name:
John Krier
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Title:
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Chief
Executive Officer
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