KULR Technology Group, Inc 8-K, filed Dec 10, 2020
KULR Technology Group, Inc. (KULR)
About this 8-K
KULR Technology Group, Inc filed this 8-K on December 10, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): December 10, 2020
KULR TECHNOLOGY GROUP, INC.
(Exact name of the registrant as specified in its charter)
| Delaware | 000-55564 | 81-1004273 | ||
| (State or other jurisdiction of | (Commission | (IRS Employer | ||
| of incorporation) | File Number) | Identification No.) |
1999 S. Bascom Ave. Suite 700. Campbell, CA 95008
(Address of principle executive offices) (Zip code)
Registrant’s telephone number, including area code: (408) 663-5247
(Former name or 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 (see General Instruction A.2.below):
| ¨ | 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: | ||
| None |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
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 7.01 | Regulation FD Disclosure |
On December 10, 2020, KULR Technology Group, Inc. (the “Company”) issued a press release highlighting a report conducted by the Naval Surface Warfare Center Carderock Division (NSWCCD) on the Company’s battery safety technology, which report confirms, according to testing results, that the Company’s thermal management solutions can prevent cell-to-cell propagation.
A copy of the above-mentioned press release is attached herewith as Exhibit 99.1.
By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD. The Company uses, and will continue to use, its website, press releases, and various social media channels, including its Twitter account (twitter.com/kulrtech), its LinkedIn account (linkedin.com/company/kulr-technology-corporation), its Facebook account (facebook.com/KULRTechnology), its TikTok account (tiktok.com/Kulr_tech), its Instagram account (instagram.com/Kulr_tech), and its YouTube account (youtube.com/channel/UC3wZBPINQd51N6p35Mo5uQg), as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated in press releases and on social media could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its website, disseminates in press releass and on the social media channels identified above, as such information could be deemed to be material information.
The information in this Item 7.01 disclosure, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. In addition, the information in this Item 7.01 disclosure, including Exhibits 99.1, shall not be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Exhibits |
| Exhibit No. | Description | |
| 99.1 | Press Release dated December 10, 2020 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized.
| KULR TECHNOLOGY GROUP, INC. | ||
| Date: December 10, 2020 | By: | /s/ Michael Mo |
| Michael Mo | ||
| President & Chief Executive Officer | ||
Exhibit 99.1
Report by Naval Surface Warfare Center Validates Efficacy of KULR’s Battery Safety Technology
Consumer Product Safety Commission reports that KULR’s design solutions can stop fires and explosions in lithium-ion battery packs, and provides additional insights on the future of safe battery technology
SAN DIEGO, CA (December 10, 2020) – KULR Technology Group, Inc. (OTCQB: KULR) (the “Company” or “KULR”), a leading developer of next-generation thermal management technologies, today highlights a report conducted by the Naval Surface Warfare Center Carderock Division (NSWCCD) on the Company’s battery safety technology. The report confirms that KULR’s thermal management solutions can prevent cell-to-cell propagation. These findings mirror test results from other government and private test authorities such as NASA, which co-developed KULR’s core thermal technology.
The NSWCCD report, titled, “Emerging Energy Storage Technologies,” studied energy storage applications in consumer electronics, along with the safety concerns they pose. The newly public report, commissioned and released by the Consumer Product Safety Commission, states that:
“Incorporating a vaporizing heat sink from KULR could lead to significant mass savings and … was capable of preventing cell-to-cell propagations. … [battery] packs assembled and tested at NSWCCD with the KULR material (the Thermal Runaway Shield or “TRS”) were found to be highly effective at resisting cell-to-cell propagation when a trigger cell was externally heated to failure. Meanwhile, identical cells with identical configuration but no TRS underwent a complete cell-to-cell propagation under the same test conditions.”
Conditions such as extreme heat, bumping and jostling, short circuit, constant high-demand use, or physical damage can cause a single battery cell in a multi-cell pack to fail. When this happens, the fire and heat of that single failure often trigger failure in neighboring cells. This causes a dangerous chain reaction that causes high energy fires and explosions. According to the NSWCCD report, it is these types of runaway or propagation risks that KULR’s solutions are capable of preventing.
In addition to supporting the effectiveness of the KULR safety product(s) in lithium-ion battery packs, the report highlights storage alternatives to lithium-ion batteries such as solid state or lithium metal configurations.
The report states:
“The overall conclusion from the authors of this report is that LiB [lithium-ion batteries] are likely to maintain if not increase application in consumer electronics. For this reason, the safety of these devices may have to be engineered through secondary technologies…”
“This report is highly significant for two reasons,” said Michael Mo, CEO of KULR. “First, it shows that lithium-ion batteries will not be replaced anytime soon, which makes preventing cell-to-cell propagation fires the holy grail of battery safety. Second, the results again confirm that our design solution efficiently prevents battery packs from blowing up, which has major implications across various multi-billion-dollar market verticals.”
Bob Richard, president of Hazmat Safety Consulting, remarked, “There is a real need to improve lithium battery safety. Multiple government agencies are focused on technologies that can reduce the likelihood of battery fires in transport (e.g. aircraft cargo compartments), for energy storage, vehicle applications, and consumer electronics. The test results on KULR’s thermal management solution are quite remarkable and very encouraging.”
KULR recently announced research and design partnerships with a number of commercial partners, including Drako Motors, the super-EV; a separate Tier-1 automaker; a major power tool manufacturer; a large medical device manufacturer; a shipping container maker; and defense and aerospace agreements.
The KULR suite of thermal management and battery safety solutions have been deployed in space. In July 2020, a KULR thermal solution was part of the Mars Rover mission; another KULR product has been in use aboard the International Space Station since 2019.
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About KULR Technology Group, Inc.
KULR Technology Group, Inc. (OTCQB: KULR) develops, manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. Leveraging the company’s roots in developing breakthrough cooling solutions for NASA space missions and backed by a strong intellectual property portfolio, KULR enables leading aerospace, electronics, energy storage, 5G infrastructure, and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer. For more information, please visit www.kulrtechnology.com.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on May 14, 2020. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
| Media Contact: | Investor Relations: |
| Derek Newton | KULR Technology Group, Inc. |
| Head, Media Relations | Main: (888) 367-5559 |
| Main: (786) 499-8998 | ir@kulrtechnology.com |
| derek.newton@kulrtechnology.com |