On September 22, 2021, Northern Technologies International Corporation (“NTIC”) announced that it has acquired the remaining 50% ownership interest in its Indian joint venture, Harita-NTI Limited, for USD $6.25 million in cash, effective as of September 1, 2021. In connection with this transaction, on September 22, 2021, NTIC and PNC Bank, National Association (“PNC Bank”) entered into an Amended and Restated Loan Agreement (as amended and restated, the “Loan Agreement”) and Amended and Restated Security Agreement (as amended and restated, the “Security Agreement”) relating to the Company’s revolving line of credit with PNC Bank (the “Line of Credit”) and the Company issued an amended and restated promissory note thereunder (the “Amended Note”), in each case effective as of August 31, 2021, which together increased the line of credit from $3.0 million to $5.0 million, extended the maturity date to February 22, 2022 and revised the rate at which amounts outstanding under the Line of Credit bear interest to equal a per annum rate equal to the daily London Interbank Offered Rate (“LIBOR”) plus 250 basis points (2.50%).

        Except as described above, the other material terms of the Line of Credit, Loan Agreement and Security Agreement with PNC Bank and other related documents were not affected by the foregoing described amendments.

        The foregoing description is qualified in its entirety by reference to the Loan Agreement and Amended Note, which are filed as Exhibits 10.1 and 10.2, respectively, to this current report on Form 8-K and incorporated by reference herein.

        On September 22, 2021, NTIC announced that it has acquired the remaining 50% ownership interest in its Indian joint venture, Harita-NTI Limited, for USD $6.25 million in cash. NTIC funded the purchase price with cash on hand. In connection with the transaction, NTIC also announced that it increased its Line of Credit from $3.0 million to $5.0 million to provide for additional future financial flexibility.

(d) Exhibits.