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 July 23, 2024, Amplitech Group Inc. (the “Company”) entered into a business loan and security agreement with Altbanq Lending II LLC in the amount of $1,300,000, with an origination fee of $26,000. The loan is payable within 76 weeks through 38 bi-weekly payments of $44,816 and bears an annual interest rate of 21.2%. The loan is secured by the Company’s assets through an UCC filing. Proceeds from the business loan will be used for working capital and 5G licensing and certification fees.
The description of the business loan and security agreement is qualified in its entirety by the full text of the business loan and security agreement, a copy of which is filed herewith as Exhibit 10.1 and which 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.
The information provided in response to Item 1.01 of this report with respect to the business loan is incorporated by reference into this Item 2.03.
| Exhibit No. | Description | |
| 10.1 | Business Loan and Security Agreement | |
| 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.
| AMPLITECH GROUP INC. | ||
| Dated: July 29, 2024 | ||
| By: | /s/ Faward Maqbool | |
| Name: | Faward Maqbool | |
| Title: | Chief Executive Officer | |