Rocky Brands 8-K: Agreements, Financials & Obligations
Ticker: RCKY · Form: 8-K · Filed: Apr 30, 2024 · CIK: 895456
| Field | Detail |
|---|---|
| Company | Rocky Brands, Inc. (RCKY) |
| Form Type | 8-K |
| Filed Date | Apr 30, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $175 million, $50 million, $162,870,805.71 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-condition, debt-obligation
TL;DR
Rocky Brands 8-K drops: new deals, old deals gone, and financial updates. Watch this space.
AI Summary
Rocky Brands, Inc. filed an 8-K on April 30, 2024, reporting on several material events as of April 26, 2024. These include entering into and terminating material definitive agreements, and updates on their results of operations and financial condition. The filing also details the creation of direct financial obligations or off-balance sheet arrangements.
Why It Matters
This filing provides crucial updates on Rocky Brands' contractual agreements and financial standing, which could impact investor decisions and the company's future operations.
Risk Assessment
Risk Level: medium — The filing involves material definitive agreements and financial obligations, indicating significant business activities that carry inherent risks.
Key Numbers
- 001-34382 — SEC File Number (Identifies the company's filings with the SEC.)
- 31-1364046 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- ROCKY BRANDS, INC. (company) — Registrant
- Ohio (jurisdiction) — State of incorporation
- 39 East Canal Street (location) — Principal executive office address
- Nelsonville (location) — City of principal executive office
- 45764 (location) — ZIP code of principal executive office
FAQ
What specific material definitive agreements were entered into by Rocky Brands, Inc. as reported in this 8-K?
The filing indicates the entry into material definitive agreements, but the specific details of these agreements are not provided in the excerpt.
Which material definitive agreements were terminated by Rocky Brands, Inc.?
The filing states that a material definitive agreement was terminated, but the specific agreement is not identified in the provided text.
What is the nature of the financial obligations or off-balance sheet arrangements mentioned?
The 8-K reports the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specifics are not detailed in this excerpt.
What financial conditions are being reported by Rocky Brands, Inc.?
The filing mentions updates on results of operations and financial condition, but the specific details of these results are not included in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on April 26, 2024.
Filing Stats: 1,477 words · 6 min read · ~5 pages · Grade level 11.5 · Accepted 2024-04-30 16:09:22
Key Financial Figures
- $175 million — ured asset-based credit facility with a $175 million revolving facility (with a $50 million
- $50 million — $175 million revolving facility (with a $50 million accordion feature) and a $50 million te
- $162,870,805.71 — . As of April 26, 2024, the Company had $162,870,805.71 in borrowings under the ABL Agreement.
Filing Documents
- rcky20240329_8k.htm (8-K) — 35KB
- ex_662307.htm (EX-10.1) — 899KB
- ex_648080.htm (EX-99) — 196KB
- a1.jpg (GRAPHIC) — 7KB
- 0001437749-24-013970.txt ( ) — 1477KB
- rcky-20240426.xsd (EX-101.SCH) — 3KB
- rcky-20240426_def.xml (EX-101.DEF) — 11KB
- rcky-20240426_lab.xml (EX-101.LAB) — 15KB
- rcky-20240426_pre.xml (EX-101.PRE) — 11KB
- rcky20240329_8k_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. The disclosures in Item 2.03 below relating to the execution of the ABL Agreement (as defined below) are incorporated by reference into this Item 1.01.
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. The disclosures in Item 2.03 below relating to the termination of the Loan and Security Agreement, dated March 15, 2021 (the " Existing Term Loan Agreement "), between Rocky Brands, Inc. and its material subsidiaries (collectively, the " Company "), and TCW Asset Management Company LLC (" TCW "), as Agent for certain term loan lenders, in connection with the closing of the ABL Agreement are incorporated by reference into this Item 1.02.
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On April 30, 2024, R ocky Brands, Inc. ("Rocky") issued a press release entitled "Rocky Brands, Inc. Announces First Quarter 2024 Results" regarding its condensed consolidated financial results for the quarter ended March 31, 2024. A copy of Rocky's press release is furnished as Exhibit 99 to this Form 8-K and is incorporated herein by reference. The information in this Form 8-K and accompanying press release is being furnished under Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information contained or incorporated by reference in this Form 8-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of Rocky and its management. These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in Rocky's business as set forth in periodic reports filed with the Securities and Exchange Commission, including Rocky's annual report on Form 10-K for the year ended December 31, 2023 (filed March 15, 2024). One or more of these factors have affected historical results, and could in the future affect Rocky's businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit 10.1* Amended and Restated ABL Loan and Security Agreement, dated April 26, 2024, between the Company and Bank of America, N.A. as Agent, Sole Arranger and Sole Bookrunner and the other lenders party thereto. Exhibit 99** Press Release, dated April 30, 2024 entitled "Rocky Brands, Inc. Announces First Quarter 2024 Results". Exhibit 104 Cover Page Interactive Data File (imbedded within the Inline XBRL document) *Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish copies of any of the omitted schedules or exhibits upon request of the U.S. Securities and Exchange Commission. **Such press release is being "furnished" (not filed) under Item 2.02 of this Current Report on Form 8-K
SIGNATURES
SIGNATURES 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: April 30, 2024 Rocky Brands, Inc. /s/ Thomas D. Robertson Thomas D. Robertson Chief Operating Officer, Chief Financial Officer and Treasurer