Arts-Way Mfg. Reports Operations, Financials, Officer Changes

TL;DR

Arts-Way Mfg. dropped an 8-K detailing Q3 results and exec changes. Check it out.

AI Summary

Arts-Way Manufacturing Co., Inc. filed an 8-K on October 4, 2024, reporting on results of operations, financial condition, and changes in its board and officer appointments. The filing also includes financial statements and exhibits. The report covers events up to October 1, 2024.

Why It Matters

This filing provides crucial updates on the company's financial performance and any significant changes in its leadership or governance structure, which can impact investor confidence and future strategic direction.

Risk Assessment

Risk Level: medium — The filing covers operational results and potential executive changes, which can introduce uncertainty and affect stock performance.

Key Players & Entities

• Arts-Way Manufacturing Co., Inc. (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• October 1, 2024 (date) — Earliest event reported
• October 4, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $0.01 — hange on which registered Common stock $0.01 par value ARTW The Nasdaq Stock Mark
• $2,600,000 — approximately 38% of the balance of our $2,600,000 term loan from Bank Midwest, as require
• $16,849 — s paid to the Trust, as guarantor, were $16,849 and $16,111, respectively. Pursuant to
• $16,111 — e Trust, as guarantor, were $16,849 and $16,111, respectively. Pursuant to the Company
• $267,750 — rrently receives annual compensation of $267,750 for his service as Chairman of the Boar

Filing Documents

• artw20241004_8k.htm (8-K) — 38KB
• ex_729918.htm (EX-10.1) — 44KB
• ex_729919.htm (EX-99.1) — 62KB
• artw01.jpg (GRAPHIC) — 6KB
• artw02.jpg (GRAPHIC) — 4KB
• 0001437749-24-030702.txt ( ) — 310KB
• artw-20241001.xsd (EX-101.SCH) — 3KB
• artw-20241001_def.xml (EX-101.DEF) — 11KB
• artw-20241001_lab.xml (EX-101.LAB) — 15KB
• artw-20241001_pre.xml (EX-101.PRE) — 11KB
• artw20241004_8k_htm.xml (XML) — 3KB

02

Item 2.02 Results of Operations and Financial Condition. On October 4, 2024, Art's-Way Manufacturing Co., Inc. (the "Company") issued a press release announcing its financial results for the three months and nine months ended August 31, 2024. The full text of the press release is set forth in Exhibit 99.1 attached hereto and is incorporated by reference in this Current Report on Form 8-K as if fully set forth herein. The information contained in this Item 2.02, including Exhibit 99.1 attached hereto and incorporated herein, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of Chief Executive Officer On October 1, 2024, Art's-Way Manufacturing Co., Inc. (the "Company") and David A. King, the Company's Chief Executive Officer since 2020, mutually agreed to terminate Mr. King's employment agreement and employment with the Company effective immediately. In connection with such termination, Mr. King resigned as the Company's Chief Executive Officer and from any other positions he held as an officer or director of the Company or its affiliates, and the Company and Mr. King entered into a Separation Agreement and General Release (the "Separation Agreement"). Pursuant to the Separation Agreement, and subject to Mr. King not revoking the Separation Agreement within the applicable statutory revocation period, the Company agreed to provide Mr. King with severance pay equal to 12 weeks of salary at current levels, less applicable taxes and withholdings, in installments in accordance with the Company's regular payroll schedule. In addition, if Mr. King timely elects continued health insurance under COBRA, the Company agreed to pay an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to Mr. King if he had remained employed by the Company for the first three months of coverage following the separation date. The Separation Agreement further provides for general release and non-disparagement provisions running in favor of the Company, and acknowledges that the confidentiality, non-competition and assignment of invention provisions of the Company's March 2020 employment agreement with Mr. King will survive the termination of such agreement. The full text of the Separation Agreement is set forth in Exhibit 1.01 attached hereto and is incorporated by reference in this Current Report on Form 8-K as if fully set forth herei

01

Item 9.01

Financial Statements and Exhibits

Financial Statements and Exhibits. (a)

Financial statements: None

Financial statements: None (b) Pro forma financial information: None (c) Shell Company Transactions: None (d) Exhibits: Exhibit Number Description of Exhibit 10.1 Separation Agreement and General Release dated October 1, 2024 between Art's-Way Manufacturing Co., Inc. and David A. King [99.1 Press Release of Art's-Way Manufacturing Co., Inc., dated October 4, 2024. ] 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 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. Dated: October 4, 2024 ART ' S-WAY MANUFACTURING CO., INC. /s/ Michael W. Woods Michael W. Woods Chief Financial Officer