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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): January 4, 2022

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NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware 001-11038 41-0857886
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification Number)

 

4201 Woodland Road

P.O. Box 69

Circle Pines, Minnesota

 

 

55014

(Address of principal executive offices) (Zip Code)

 

(763) 225-6600

(Registrant’s telephone number, including area code)

 

Not Applicable

(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 $0.02 per share NTIC Nasdaq Global Market

 

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 1.01.Entry into a Material Definitive Agreement.

 

On January 4, 2022, Northern Technologies International Corporation (“NTIC”) and PNC Bank, National Association entered into an Amended and Restated Revolving Line of Credit Note, which extended the maturity date of NTIC’s revolving line of credit facility to January 7, 2023 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 Bloomberg Short-Term Bank Yield Index plus 250 basis points (2.50%). Additionally, beginning February 23, 2022 and through January 7, 2023, the line of credit will be decreased from $5,000,000 to $3,000,000. The other material terms of the line of credit were not affected by this amendment.

 

The foregoing description of the Amended and Restated Revolving Line of Credit Note is only a summary of the material terms and does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the Amended and Restated Revolving Line of Credit Note which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

 

Item 9.01Financial Statements and Exhibits.

 

(d)       Exhibits.

 

Exhibit No.

 

Description

10.1   Amended and Restated Revolving Line of Credit Note dated as of January 4, 2022 issued by Northern Technologies International Corporation to PNC Bank, National Association (filed herewith)
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.

 

  NORTHERN TECHNOLOGIES
  INTERNATIONAL CORPORATION
   
   
  By: /s/ Matthew C. Wolsfeld
    Matthew C. Wolsfeld
    Chief Financial Officer and Corporate Secretary

 

Date: January 7, 2022