NAPCO Security Technologies Enters Material Definitive Agreement
Ticker: NSSC · Form: 8-K · Filed: Mar 7, 2024 · CIK: 69633
| Field | Detail |
|---|---|
| Company | Napco Security Technologies, Inc (NSSC) |
| Form Type | 8-K |
| Filed Date | Mar 7, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $40.75 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, 8-k
TL;DR
NAPCO SEC just signed a big deal, filing an 8-K today.
AI Summary
On March 5, 2024, NAPCO Security Technologies, Inc. entered into a material definitive agreement. The company, incorporated in Delaware with its principal executive offices at 333 Bayview Avenue, Amityville, New York, filed an 8-K report detailing this agreement. The filing also includes financial statements and exhibits.
Why It Matters
This filing indicates a significant new contract or partnership for NAPCO Security Technologies, which could impact its future revenue and operations.
Risk Assessment
Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities, the specifics of which are not detailed in this initial filing.
Key Numbers
- 0-10004 — Commission File Number (SEC filing identifier)
- 11-2277818 — IRS Employer Identification No. (Company tax identifier)
Key Players & Entities
- NAPCO SECURITY TECHNOLOGIES, INC. (company) — Registrant
- Delaware (jurisdiction) — State of incorporation
- 333 Bayview Avenue, Amityville, New York 11701 (address) — Principal executive offices
- March 5, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by NAPCO Security Technologies, Inc. on March 5, 2024?
The filing states that NAPCO Security Technologies, Inc. entered into a material definitive agreement on March 5, 2024, but the specific details of this agreement are not provided in the summary information.
What is the primary business of NAPCO Security Technologies, Inc.?
NAPCO Security Technologies, Inc. is classified under Standard Industrial Classification 3669, which relates to Communications Equipment, NEC.
Where are NAPCO Security Technologies, Inc.'s principal executive offices located?
The principal executive offices of NAPCO Security Technologies, Inc. are located at 333 Bayview Avenue, Amityville, New York 11701.
What is the Commission File Number for NAPCO Security Technologies, Inc.?
The Commission File Number for NAPCO Security Technologies, Inc. is 0-10004.
What is the IRS Employer Identification Number for NAPCO Security Technologies, Inc.?
The IRS Employer Identification Number for NAPCO Security Technologies, Inc. is 11-2277818.
Filing Stats: 862 words · 3 min read · ~3 pages · Grade level 12.4 · Accepted 2024-03-07 16:03:54
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share NSSC Nasdaq Stock Market
- $40.75 — c offering, at a price to the public of $40.75 per share. The Selling Stockholder will
Filing Documents
- tm247803d5_8k.htm (8-K) — 30KB
- tm247803d5_ex1-1.htm (EX-1.1) — 238KB
- tm247803d5_ex99-1.htm (EX-99.1) — 9KB
- 0001104659-24-031881.txt ( ) — 506KB
- nssc-20240305.xsd (EX-101.SCH) — 3KB
- nssc-20240305_lab.xml (EX-101.LAB) — 33KB
- nssc-20240305_pre.xml (EX-101.PRE) — 22KB
- tm247803d5_8k_htm.xml (XML) — 3KB
01. Entry into Material Agreement
Item 1.01. Entry into Material Agreement. On March 5, 2024, NAPCO Security Technologies, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Needham & Company, LLC and Cowen and Company, LLC (the "Underwriters") and the Company's President, Chief Executive Officer and Chairman of the Board of Directors, Richard L. Soloway (the "Selling Stockholder"), relating to the sale by the Selling Stockholder of an aggregate of 2,000,000 shares of the Company's common stock, $0.01 par value per share (the "Common Stock") owned by the Selling Stockholder in an underwritten secondary public offering, at a price to the public of $40.75 per share. The Selling Stockholder will pay any underwriting discounts and commissions and expenses incurred by the Selling Stockholder in the offering. Pursuant to the Underwriting Agreement, the Selling Stockholder also granted the Underwriters a 30-day option to purchase from the Selling Stockholder up to an aggregate of 300,000 additional shares of common stock at the public offering price, less the underwriting discount. The Company will not receive any proceeds from the sale of shares of common stock by the Selling Stockholder, nor will the Company be issuing any shares in connection with the offering. The offering is expected to close on or about March 8, 2024, subject to the satisfaction of customary closing conditions contained in the Underwriting Agreement. The Underwriting Agreement contains customary representations, warranties and agreements by the Company and the Selling Stockholder, customary conditions to closing, indemnification obligations of the Company, the Selling Stockholder and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The secondary public offering by the Selling Stockholder is being made pursuant to the Company's registration statement on Form S-3ASR (Registration Stateme
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 1.1 Underwriting Agreement dated March 5, 2024. 99.1 Press Release issued by NAPCO Security Technologies, Inc. dated March 5, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 1 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 thereunder duly authorized. NAPCO SECURITY TECHNOLOGIES, INC. Date: March 7, 2024 By: /s/ Kevin S. Buchel Kevin S. Buchel Executive Vice President and Chief Financial Officer 2