UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 |
Entry into a Material Definitive Agreement. |
On May 24, 2024, Global Technology, Inc. ( “Global Technology”), a wholly owned subsidiary of Applied Optoelectronics, Inc., entered into a five-year revolving credit line agreement, totaling 170,000,000 RMB (the “Credit Line”) and a mortgage contract security agreement (the “Security Agreement”), with Shanghai Pudong Development Bank Co., Ltd., in Ningbo City, China ( the “Bank”). Borrowing under the Credit Line will be used for general corporate and capital investment purposes.
Global Technology may draw upon the Credit Line on an as-needed basis between May 24, 2024 and May 24, 2029. However, the Bank has the right to unilaterally revoke the Credit Line, at any time, without prior notice, based on changes in law, regulations, policies, or restrictions imposed by the government; or market conditions, including the Bank's own business needs, or changes in Global Technology’s credit status or financial and operational condition. Interest on each draw will be negotiated by the Bank and Global Technology, and stated in the specific loan documents executed at the time of each draw.
Global Technology’s obligations under the Credit Line will be secured by real property owned by Global Technology and mortgaged to the Bank under the terms of the Security Agreement. The Credit Line and Security Agreement also contain rights and obligations, representations and warranties, and events of default applicable to Global Technology that are customary for agreements of this type.
The foregoing description of the Credit Line and Security Agreement do not purport to be a complete statement of the parties’ rights and obligations under the agreements and is qualified in its entirety by reference to the full text of the Financing Credit Line Agreement and Maximum Mortgage Contract (Security Agreement), English translations of which are attached as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated by reference herein.
| Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information as set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | ||
| 10.2 | Translation of the Maximum Mortgage Contract (Security Agreement), dated May 24, 2024, between Global Technology, Inc. and Shanghai Pudong Development Bank Co., Ltd. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 30, 2024 | APPLIED OPTOELECTRONICS, INC. | |
| By: | /s/ David C. Kuo | |
| Name | David C. Kuo | |
| Title: | Senior Vice President and Chief Legal Officer | |
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