Daktronics Files 8-K: Financials & Other Events

Ticker: DAKT · Form: 8-K · Filed: Nov 8, 2024 · CIK: 915779

Sentiment: neutral

Topics: 8-K, financial-reporting, corporate-events

Related Tickers: DAKT

TL;DR

DAKT filed an 8-K on Nov 8, 2024, covering financials and other events. Check it out.

AI Summary

Daktronics, Inc. filed an 8-K on November 8, 2024, reporting other events and financial statements. The filing details the company's principal executive offices located at 201 Daktronics Drive, Brookings, SD 57006, and its principal business operations. The report also lists securities registered under Section 12(b) of the Act, including common stock and preferred stock.

Why It Matters

This filing provides an update on Daktronics' corporate and financial status, which is crucial for investors to assess the company's ongoing operations and regulatory compliance.

Risk Assessment

Risk Level: low — This is a routine 8-K filing reporting standard corporate events and financial information, not indicating any immediate or significant risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing for Daktronics, Inc.?

The primary purpose is to report 'Other Events' and 'Financial Statements and Exhibits' as of November 8, 2024.

Where are Daktronics, Inc.'s principal executive offices located?

Daktronics, Inc.'s principal executive offices are located at 201 Daktronics Drive, Brookings, SD 57006.

What is the Commission File Number for Daktronics, Inc.?

The Commission File Number for Daktronics, Inc. is 001-38747.

On what date was this 8-K report filed?

This 8-K report was filed on November 8, 2024.

What type of securities are registered by Daktronics, Inc. under Section 12(b) of the Act, as indicated in the filing?

The filing indicates that common stock and preferred stock are registered under Section 12(b) of the Act.

Filing Stats: 1,161 words · 5 min read · ~4 pages · Grade level 10.1 · Accepted 2024-11-08 08:02:17

Key Financial Figures

Filing Documents

01 Other Events

Item 8.01 Other Events On November 8, 2024, Daktronics, Inc. (the "Company") issued a press release announcing that it was exercising the Company's right to convert an initial $7.0 million in face value of the senior secured convertible promissory note in the original principal amount of $25 million dated May 11, 2023 (the "Convertible Note") held by Alta Fox Capital Management, LLC (together with its affiliates, "Alta Fox") into approximately 1.1 million shares of the Company's common stock, no par value. The Company intends to deliver to Alta Fox notice of the conversion on November 11, 2024, with a conversion date of December 3, 2024. The Company intends to convert the remainder of the Convertible Note over the next several months, in tranches of up to $7 million in face value every 30 days, as provided for in the Convertible Note. The Convertible Note is due on May 11, 2027 and bears interest at a rate of 9% per annum. Under the terms of the Convertible Note, the Company has the right to convert the Convertible Note into common stock at a conversion price equal to $6.31 after 18 months following the issuance date of the Convertible Note if the closing sale price of the Company's common stock has been equal to at least 150% of the conversion price in 19 of the last 20 consecutive trading days. Under these terms, Alta Fox may set a limit on the amount of common stock it wishes to be issued in connection with a conversion of the Convertible Note (a "Maximum Percentage"). If the shares to be delivered as a result of a conversion of the Convertible Note would cause Alta Fox to exceed the Maximum Percentage, the number of shares in excess of the Maximum Percentage (the "Excess Shares") are treated as if they had never been issued and would be delivered to Alta Fox only when Alta Fox certifies that the delivery of the Excess Shares will not cause its ownership to exceed the Maximum Percentage. Because the Maximum Percentage currently in effect is 3% and Alta Fox cu

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . The following exhibits are filed or incorporated by reference, as indicated, as part of this Current Report on Form 8-K: 10.1 Securities Purchase Agreement dated as of May 11, 2023 by and between Daktronics, Inc. and Alta Fox Opportunities Fund, LP, incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K dated May 11, 2023 ("Form 8-K"). 10.2 Senior Secured Convertible Note dated as of May 11, 2023 issued by Daktronics, Inc. to Alta Fox Opportunities Fund, LP, incorporated by reference to Exhibit 10.4 to the Form 8-K. 10.3 Pledge and Security Agreement dated as of May 11, 2023 by and among Daktronics, Inc., Daktronics Installation, Inc., and Alta Fox Opportunities Fund, LP, incorporated by reference to Exhibit 10.5 to the Form 8-K. 10.4 Registration Rights Agreement dated as of May 11, 2023 by and between Daktronics, Inc. and Alta Fox Opportunities Fund, LP, incorporated by reference to Exhibit 10.6 to the Form 8-K. 99.1 Press Release dated November 8, 2024, filed herewith. 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. DAKTRONICS, INC. By: /s/ Sheila M. Anderson Sheila M. Anderson, Chief Financial Officer Date: November 8, 2024 (Principal Financial Officer and Principal Accounting Officer) EXHIBIT INDEX Exhibit No. Description 10.1 Securities Purchase Agreement dated as of May 11, 2023 by and between Daktronics, Inc. and Alta Fox Opportunities Fund, LP, incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K dated May 11, 2023 ("Form 8-K"). 10.2 Senior Secured Convertible Note dated as of May 11, 2023 issued by Daktronics, Inc. to Alta Fox Opportunities Fund, LP, incorporated by reference to Exhibit 10.4 to the Form 8-K. 10.3 Pledge and Security Agreement dated as o

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