UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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the Securities Exchange Act of 1934
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Item 1.01 Entry into a Material Definitive Agreement
The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On August 15, 2022, Rubicon Technology BP LLC, a Delaware limited liability company (the “Borrower”), entered into a business loan agreement (the “Loan”) and promissory note (the “Note”) in the amount of $1,620,000 with American Community Bank & Trust (the “Lender”). The Borrower is a wholly owned subsidiary of Rubicon Technology Inc., a Delaware corporation (the “Company”). The interest rate on the Note is 6% and it matures on August 15, 2027. The Note will have a 25 year amortization schedule. Interest and principal payments will be made on a monthly basis and a balloon payment will be made upon the maturity of the Note. The Borrower may pay, without penalty, a portion or the entirety of the amount owed earlier than it is due. The Loan and Note have customary terms and provisions for default and increases in payment.
The Loan is secured by a real estate mortgage (the “Mortgage”) and assignment of rents (the “Assignment”) encumbering the property commonly known as 900 E. Green Street, Bensenville, IL. Rubicon Worldwide LLC, an Illinois limited liability company and a wholly owned subsidiary of the Company, and the Company entered into unlimited commercial guaranty agreements (the “Worldwide Guaranty” and “Company Guaranty,” respectively) in favor of the Lender.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Loan, Note, Worldwide Guaranty, Company Guaranty, Mortgage and Assignment, copies of which are filed as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5, and 10.6, respectively.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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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.
| RUBICON TECHNOLOGY, INC. | ||
| Dated: August 19, 2022 | By: | /s/ Timothy E. Brog |
| Name: | Timothy E. Brog | |
| Title: | Chief Executive Officer, President and Acting Chief Financial Officer | |
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EXHIBIT INDEX
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