Chicago Rivet & Machine Co. Files 8-K

TL;DR

CRVM filed an 8-K for 'Other Events' on 12/17/24. Details TBD.

AI Summary

Chicago Rivet & Machine Co. filed an 8-K on December 20, 2024, reporting an event on December 17, 2024. The filing pertains to 'Other Events' and does not detail specific transactions or financial figures within the provided text.

Why It Matters

This filing indicates a material event has occurred for Chicago Rivet & Machine Co., requiring disclosure to investors.

Risk Assessment

Risk Level: low — The filing is a standard 8-K for 'Other Events' without immediate disclosed financial impact or significant operational changes.

Key Players & Entities

• CHICAGO RIVET & MACHINE CO (company) — Registrant
• December 17, 2024 (date) — Date of earliest event reported
• December 20, 2024 (date) — Filing date
• 901 Frontenac Road, Naperville, Illinois 60563 (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $1.00 — ch registered Common Stock, par value $1.00 per share CVR NYSE American (Tradin
• $243,000 — , we recorded a contingent liability of $243,000 in our financial statements for the thr
• $1.1 million — mpany has agreed to pay an aggregate of $1.1 million in substantially equal installments ove
• $857,000 — s to recognize an additional accrual of $857,000 for the three month period ended Decemb

Filing Documents

• cvr-20241217.htm (8-K) — 40KB
• 0000950170-24-139055.txt ( ) — 149KB
• cvr-20241217.xsd (EX-101.SCH) — 25KB
• cvr-20241217_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. Chicago Rivet and Machine Co. (the " Company "), headquartered in Naperville, Illinois, previously disclosed in its quarterly report for the first quarter of 2024 that it was notified by one of its customers that certain fasteners manufactured by the Company's wholly-owned subsidiary, H&L Tool Company, may not have conformed to customer specifications. These fasteners become part of an assembly that is used in the braking system of certain vehicles manufactured by our customer's OEM customer. Based on discussions with our customer and the Company's own internal analysis, we recorded a contingent liability of $243,000 in our financial statements for the three month period ended March 31, 2024, and we further noted at that time that discussions with our customer and our internal review process were ongoing, and that the ultimate amount of any liability may be more than the amount reflected in our financial statements for the first quarter of 2024. Since that time, the Company has been engaged in discussions with its customer to quantify costs and determine responsibility for such costs. Based on those discussions, an agreement has been reached with our customer to resolve the matter. As part of the agreement, and in exchange for a full release of any further potential liability, the Company has agreed to pay an aggregate of $1.1 million in substantially equal installments over a five (5) year period. This aggregate amount includes the $243,000 amount previously reserved as a contingent liability in the first quarter of 2024. As a result, the Company intends to recognize an additional accrual of $857,000 for the three month period ended December 31, 2024 to reflect the full amount of the payment. The Company believes that this agreement is in its best interest as it includes a release of liability as noted above and avoids further dispute and potential litigation, as well as the costs associated with any such potential litigation relating to

View Full Filing

View this 8-K filing on SEC EDGAR