CPI Aero Enters Material Definitive Agreement
Ticker: CVU · Form: 8-K · Filed: Feb 21, 2024 · CIK: 889348
| Field | Detail |
|---|---|
| Company | Cpi Aerostructures INC (CVU) |
| Form Type | 8-K |
| Filed Date | Feb 21, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $19,800,000, $19,080,000, $18,360,000, $17,640,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, aerospace, corporate-action
TL;DR
**CPI Aero just signed a big new deal, but the details are under wraps for now!**
AI Summary
CPI Aerostructures, Inc. filed an 8-K on February 21, 2024, reporting an 'Entry into a Material Definitive Agreement' on February 20, 2024. The filing indicates a significant new agreement for the company, which manufactures aircraft parts and auxiliary equipment. The specific details of the agreement, including parties and financial terms, are not disclosed in this summary filing.
Why It Matters
This filing signals a potentially significant business development for CPI Aerostructures, Inc., which could impact its future revenue streams and operational strategy in the aerospace sector.
Risk Assessment
Risk Level: medium — The filing indicates a material agreement but lacks specific details, creating uncertainty about its financial impact and implications.
Key Players & Entities
- CPI AEROSTRUCTURES INC (company) — Registrant
- New York (company) — State of Incorporation
- February 20, 2024 (date) — Date of earliest event reported
- February 21, 2024 (date) — Filing date
- 001-11398 (dollar_amount) — Commission File Number
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on February 20, 2024, concerning an 'Entry into a Material Definitive Agreement'.
When was this 8-K filed with the SEC?
This 8-K was filed with the SEC on February 21, 2024.
What is the primary business of CPI Aerostructures, Inc.?
CPI Aerostructures, Inc.'s primary business, according to its Standard Industrial Classification, is 'AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]'.
What is the address of CPI Aerostructures, Inc.'s principal executive offices?
The address of CPI Aerostructures, Inc.'s principal executive offices is 91 Heartland Boulevard, Edgewood, New York 11717.
What specific details about the 'Material Definitive Agreement' are provided in this 8-K?
This 8-K filing only states that CPI Aerostructures, Inc. entered into a 'Material Definitive Agreement' on February 20, 2024, but does not provide specific details about the agreement's terms, parties, or financial impact.
Filing Stats: 679 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-02-21 08:06:34
Key Financial Figures
- $0.001 — nge on which registered Common stock, $0.001 par value per share CVU NYSE Americ
- $19,800,000 — amount of all Revolving Credit Loans to $19,800,000 from January 1, 2024 through March 31,
- $19,080,000 — January 1, 2024 through March 31, 2024, $19,080,000 from April 1, 2024 through June 30, 202
- $18,360,000 — om April 1, 2024 through June 30, 2024, $18,360,000 from July 1, 2024 through September 30,
- $17,640,000 — uly 1, 2024 through September 30, 2024, $17,640,000 from October 1, 2024 through December 3
- $16,920,000 — ober 1, 2024 through December 31, 2024, $16,920,000 from January 1, 2025 through March 31,
- $16,200,000 — January 1, 2025 through March 31, 2025, $16,200,000 from April 1, 2025 through June 30, 202
- $15,480,000 — April 1, 2025 through June 30, 2025 and $15,480,000 thereafter; and commencing April 1, 202
Filing Documents
- cvu-8k_022024.htm (8-K) — 25KB
- ex10-1.htm (EX-10.1) — 51KB
- 0001839882-24-004986.txt ( ) — 252KB
- cpi-20240220.xsd (EX-101.SCH) — 3KB
- cpi-20240220_lab.xml (EX-101.LAB) — 33KB
- cpi-20240220_pre.xml (EX-101.PRE) — 22KB
- cvu-8k_022024_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On February 20, 2024, CPI Aerostructures, Inc. (the "Company") entered into a Thirteenth Amendment (the "Thirteenth Amendment") to that certain Amended and Restated Credit Agreement with the lenders named therein and BankUnited, N.A. as Sole Arranger, Agent and a Lender, dated as of March 24, 2016 (as amended from time to time, the "Credit Agreement"). Under the Thirteenth Amendment, the parties amended the Credit Agreement by: (i) extending the maturity date of the Company's existing revolving line of credit (the "Revolving Credit Loans") to August 31, 2025; and (ii) providing for a reduction of the aggregate maximum principal amount of all Revolving Credit Loans to $19,800,000 from January 1, 2024 through March 31, 2024, $19,080,000 from April 1, 2024 through June 30, 2024, $18,360,000 from July 1, 2024 through September 30, 2024, $17,640,000 from October 1, 2024 through December 31, 2024, $16,920,000 from January 1, 2025 through March 31, 2025, $16,200,000 from April 1, 2025 through June 30, 2025 and $15,480,000 thereafter; and commencing April 1, 2024, for payments to be made by the Company to comply therewith (if any such payments are necessary), on the first day of each such period. The foregoing description is qualified in its entirety by reference to the Thirteenth Amendment, a copy of which is attached to this Form 8-K as Exhibit 10.1 and incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits: Exhibit Description 10.1* Thirteenth Amendment to the Amended and Restated Credit Agreement, dated as of February 20, 2024 by and between CPI Aerostructures, Inc., the several lenders from time to time party thereto, and BankUnited, N.A., as Sole Arranger, Administrative Agent and Collateral Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Certain exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company agrees to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request. 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. Dated: February 21, 2024 CPI AEROSTRUCTURES, INC. By: /s/ Andrew Davis Andrew Davis Chief Financial Officer