Lakeland Industries Files 8-K with Material Agreement

TL;DR

LAKE filed an 8-K on 3/28 for a material agreement - details TBD.

AI Summary

Lakeland Industries, Inc. announced on March 28, 2024, that it entered into a Material Definitive Agreement. The company also provided a Regulation FD Disclosure and filed financial statements and exhibits as part of this 8-K filing. Specific details of the agreement and financial information were not provided in the excerpt.

Why It Matters

This filing indicates a significant event for Lakeland Industries, potentially impacting its business operations, financial standing, or strategic direction.

Risk Assessment

Risk Level: medium — The filing of a Material Definitive Agreement suggests a significant event that could carry substantial implications for the company's future performance and stock value.

Key Players & Entities

• Lakeland Industries, Inc. (company) — Registrant
• March 28, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 13-3115216 (other) — IRS Employer Identification No.
• 1525 Perimeter Parkway, Suite 325 (address) — Address of principal executive offices
• Huntsville, AL (location) — City and State of principal executive offices
• 35806 (zip_code) — Zip code of principal executive offices
• (256) 350-3873 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value LAKE NASDAQ Market Indic
• $16.7 million — of EUR 15,400,000.00 (approximately USD $16.7 million), subject to post-closing adjustments a
• $40.0 million — under the revolving credit facility to $40.0 million with an accordion feature providing for
• $10.0 m — the potential funding of an additional $10.0 million, (iii) remove the borrowing base
• $10.0 million — of foreign subsidiaries (not to exceed $10.0 million in USD) and increased the size of Permi
• $17.5 million — hout prior approval from the Lender, to $17.5 million per occurrence and $35.0 million in the
• $35.0 million — er, to $17.5 million per occurrence and $35.0 million in the aggregate. The Fourth Amendmen

Filing Documents

• lake_8k.htm (8-K) — 29KB
• lake_ex991.htm (EX-99.1) — 11KB
• 0001654954-24-004181.txt ( ) — 167KB
• lake-20240328.xsd (EX-101.SCH) — 6KB
• lake-20240328_lab.xml (EX-101.LAB) — 14KB
• lake-20240328_cal.xml (EX-101.CAL) — 1KB
• lake-20240328_pre.xml (EX-101.PRE) — 9KB
• lake-20240328_def.xml (EX-101.DEF) — 2KB
• lake_8k_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Acquisition of the fire and rescue business of LHD Group On April 2, 2024, Lakeland Global Safety, Ltd. ("Lakeland Global"), a wholly-owned subsidiary of Lakeland Industries, Inc. (the "Company"), entered into a Share Sale and Purchase Agreement (the "Purchase Agreement"), by and between Kantaras Investments Pte. Ltd., Lakeland Global, and the Company, pursuant to which Lakeland Global acquired all of the shares of the fire and rescue business of LHD Group Deutschland GmbH, LHD Group Australia Pty Ltd and LHD Group Hong Kong Ltd., wholly-owned entities of Kantaras Investments Pte. Ltd. (collectively, the "LHD Group") for a purchase price of EUR 15,400,000.00 (approximately USD $16.7 million), subject to post-closing adjustments and customary holdback provisions. The LHD Group is a leader in firefighter turnout gear, accessories, and Total Care services, including laundry, repair, and maintenance. The transaction was funded through the Company's credit facility. The acquisition is expected to close in May subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals. Amendment to Credit Agreement On March 28, 2024, the Company entered into Amendment No. 4 to Loan Agreement by and between Bank of America, N.A. (the "Lender") and the Company (the "Fourth Amendment"). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Fourth Amendment. Pursuant to the Fourth Amendment, the Lender and the Company agreed to, among other things, (i) extend the expiration date of the credit facility to March 28, 2029, (ii) increase the availability under the revolving credit facility to $40.0 million with an accordion feature providing for the potential funding of an additional $10.0 million, (iii) remove the borrowing base component of the credit facility; and (iv) modify the interest rate based on Daily SOFR plus the Applicable Rate. The Appl

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On April 2, 2024, the Company issued a press release, attached hereto as Exhibit 99.1, announcing the entry into the Purchase Agreement. The information contained in this Item 7.01 and in the accompanying Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. 2

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Press Release, dated April 2, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 3

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. LAKELAND INDUSTRIES, INC. /s/ Roger D. Shannon Roger D. Shannon Chief Financial Officer Date: April 2, 2024 4

View Full Filing

View this 8-K filing on SEC EDGAR