ZRCN Inc. Signs Material Definitive Agreement
Ticker: ZRCN · Form: 8-K · Filed: Jun 6, 2024 · CIK: 1901297
| Field | Detail |
|---|---|
| Company | Zrcn Inc. (ZRCN) |
| Form Type | 8-K |
| Filed Date | Jun 6, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $15 million, $8,750,000, $10 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement
TL;DR
ZRCN Inc. signed a big deal, details TBD.
AI Summary
On May 31, 2024, ZRCN Inc. entered into a material definitive agreement. The filing does not disclose the specific details of this agreement, the counterparty, or any associated financial terms.
Why It Matters
This filing indicates a significant new contract or partnership for ZRCN Inc., the details of which could impact its future business operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its nature and potential impact.
Key Players & Entities
- ZRCN Inc. (company) — Registrant
- May 31, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 000-56380 (filing_id) — SEC file number
- 83-2756695 (tax_id) — I.R.S. Employer Identification No.
- 1580 Dell Avenue, Campbell, CA 95008 (address) — Principal executive offices
- (408) 963-4550 (phone_number) — Registrant's telephone number
FAQ
What is the nature of the material definitive agreement entered into by ZRCN Inc.?
The filing does not specify the nature of the material definitive agreement.
Who is the counterparty to the material definitive agreement?
The filing does not disclose the name of the other party to the agreement.
What is the effective date of the material definitive agreement?
The earliest event reported is May 31, 2024, which is the date of the report and likely the effective date or date of entry into the agreement.
Are there any financial terms disclosed for this agreement?
No financial terms or dollar amounts related to the agreement are disclosed in this filing.
Has ZRCN Inc. undergone any recent name changes?
Yes, ZRCN Inc. was formerly known as ZRCN, Inc. (effective April 21, 2023) and prior to that, Harmony Energy Technologies Corp (effective December 23, 2021).
Filing Stats: 881 words · 4 min read · ~3 pages · Grade level 12.5 · Accepted 2024-06-06 17:26:50
Key Financial Figures
- $0.0001 — Exchange Act: Common Stock, par value $0.0001 per share (Title of class) Item 1.0
- $15 million — "). The Credit Agreement provides for a $15 million senior secured revolving credit facilit
- $8,750,000 — f the Company's current US Bank loan of $8,750,000 and the ability to increase its borrowi
- $10 million — ars and the available credit limit from $10 million to $15 million. The Credit Facility p
Filing Documents
- form8-k.htm (8-K) — 38KB
- 0001493152-24-022976.txt ( ) — 199KB
- zrcn-20240531.xsd (EX-101.SCH) — 3KB
- zrcn-20240531_lab.xml (EX-101.LAB) — 33KB
- zrcn-20240531_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 3KB
01 Entry
Item 1.01 Entry into a Material Definitive Agreement On May 31, 2024, ZRCN Inc., a Delaware corporation (the "Company"), and its wholly owned subsidiary, Zircon Corporation, a California corporation ("Zircon"), and its affiliates, Zircon de Mexico, S.A. de C.V. and Zircon Corporation Ltd. (collectively the "Affiliates"), entered into a Revolving Credit Agreement (the "Credit Agreement") with FGI Worldwide LLC, as Agent for the lender ("FGI"). The Credit Agreement provides for a $15 million senior secured revolving credit facility (the "Credit Facility") available to be used by the Company, Zircon and its Affiliates for replacement and discharge of the Company's current US Bank loan of $8,750,000 and the ability to increase its borrowings from FGI for working capital purposes. The Company, Zircon and the Affiliates are guarantors of all of the obligations under the Credit Agreement and the Company's four principal shareholders are limited guarantors thereof. The Credit Facility matures on May 31, 2027, increasing the term of US Bank's replaced credit facility by nearly 3 years and the available credit limit from $10 million to $15 million. The Credit Facility provides increased financial flexibility for the Company to pursue its long-term growth strategies, both domestically and internationally. Under the Credit Facility, the Company will pay a base rate and interest rate according to the following terms: Base Rate : The Base Rate means the sum of Term SOFR for a period of one month, published by the CME Group Benchmark Administration Limited (or any successor administrator of Term SOFR) two business days prior to the beginning of the calendar month and a percentage equal to 0.10% (10 basis points) per annum. If at any time the displayed Term SOFR is less than 0.00%, Term SOFR is deemed to be 0.00%, for the purposes of the credit facility. Interest : Outstanding amounts on Receivable Advances and Inventory Advances accrue interest at the greater of 5.25% pe
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ZRCN Inc. Date: June 6, 2024 By: /s/ Ron Bourque Ron Bourque Chief Financial Officer -3-