UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On February 20, 2024, CPI Aerostructures, Inc. (the “Company”) entered into a Thirteenth Amendment (the “Thirteenth Amendment”) to that certain Amended and Restated Credit Agreement with the lenders named therein and BankUnited, N.A. as Sole Arranger, Agent and a Lender, dated as of March 24, 2016 (as amended from time to time, the “Credit Agreement”).
Under the Thirteenth Amendment, the parties amended the Credit Agreement by: (i) extending the maturity date of the Company’s existing revolving line of credit (the “Revolving Credit Loans”) to August 31, 2025; and (ii) providing for a reduction of the aggregate maximum principal amount of all Revolving Credit Loans to $19,800,000 from January 1, 2024 through March 31, 2024, $19,080,000 from April 1, 2024 through June 30, 2024, $18,360,000 from July 1, 2024 through September 30, 2024, $17,640,000 from October 1, 2024 through December 31, 2024, $16,920,000 from January 1, 2025 through March 31, 2025, $16,200,000 from April 1, 2025 through June 30, 2025 and $15,480,000 thereafter; and commencing April 1, 2024, for payments to be made by the Company to comply therewith (if any such payments are necessary), on the first day of each such period.
The foregoing description is qualified in its entirety by reference to the Thirteenth Amendment, a copy of which is attached to this Form 8-K as Exhibit 10.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits:
| Exhibit | Description | |||
| 10.1* | Thirteenth Amendment to the Amended and Restated Credit Agreement, dated as of February 20, 2024 by and between CPI Aerostructures, Inc., the several lenders from time to time party thereto, and BankUnited, N.A., as Sole Arranger, Administrative Agent and Collateral Agent. | |||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||
| * |
Certain exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company agrees to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request. |
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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: February 21, 2024 | CPI AEROSTRUCTURES, INC. | |
| By: | /s/ Andrew Davis | |
| Andrew Davis | ||
| Chief Financial Officer | ||