0001654954-20-004883.txt : 20200505 0001654954-20-004883.hdr.sgml : 20200505 20200504180104 ACCESSION NUMBER: 0001654954-20-004883 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20200504 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20200505 DATE AS OF CHANGE: 20200504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BK Technologies Corp CENTRAL INDEX KEY: 0000002186 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 593486297 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32644 FILM NUMBER: 20846195 BUSINESS ADDRESS: STREET 1: 7100 TECHNOLOGY DRIVE CITY: WEST MELBOURNE STATE: FL ZIP: 32904 BUSINESS PHONE: 321-984-1414 MAIL ADDRESS: STREET 1: 7100 TECHNOLOGY DRIVE CITY: WEST MELBOURNE STATE: FL ZIP: 32904 FORMER COMPANY: FORMER CONFORMED NAME: BK Technologies, Inc. DATE OF NAME CHANGE: 20180604 FORMER COMPANY: FORMER CONFORMED NAME: RELM WIRELESS CORP DATE OF NAME CHANGE: 19980129 FORMER COMPANY: FORMER CONFORMED NAME: ADAGE INC DATE OF NAME CHANGE: 19920703 8-K 1 bkti_8k.htm CURRENT REPORT bkti_8k
 

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): May 4, 2020
 
BK Technologies Corporation
(Exact name of registrant as specified in its charter)
 
  Nevada
  001-32644
  83-4064262
  (State or other jurisdiction of incorporation)
  (Commission File Number)
  (I.R.S. Employer Identification No.)
 
 7100 Technology Drive, West Melbourne, FL
 32904
 (Address of principal executive offices)
 (Zip Code)
 
   Registrant’s telephone number, including area code: (321) 984-1414
 
N/A
Former name or former address, if changed since last report
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.60 per share
BKTI
NYSE American
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company [  ]  
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [  ]  
 

 
 
 
Item 2.05.    Costs Associated with Exit or Disposal Activities.
 
On May 4, 2020, BK Technologies Corporation (the “Company”) committed to workforce reductions of approximately 18%, which are being implemented as part of the Company’s cost cutting initiatives to better position the Company in an uncertain business environment resulting from the COVID-19 pandemic. The terminations were effective May 4, 2020. The Company expects to incur an aggregate of approximately $221,000 in severance costs relating to these workforce reductions. These costs will be recognized in the second quarter of 2020 and will be paid over the next five months.
 
 
 
 
 
 
 
 
 
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.
 
 
 BK TECHNOLOGIES CORPORATION
 
 
 
 
 
Date: May 4, 2020
By:  
/s/ William P. Kelly  
 
 
 
William P. Kelly  
 
 
 
Executive Vice President and
Chief Financial Officer