Lakeland Industries Inc 8-K, filed Dec 6, 2023
Lakeland Industries Inc (LAKE)
About this 8-K
Lakeland Industries Inc filed this 8-K on December 6, 2023, reporting on events of November 30, 2023.
Items reported
- Item 1.01: Entered into a material agreement
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
Acquisition of Pacific Helmets
On November 30, 2023, Lakeland NZ Limited, a wholly-owned subsidiary of Lakeland Industries, Inc. (the “Company”), entered into a Share Sale and Purchase Agreement (the “Purchase Agreement”), by and between Pacific Helmets NZ Limited (“Pacific”) and Lakeland NZ Limited, pursuant to which Lakeland NZ Limited acquired all of the shares of Pacific for a purchase price of NZ$14,000,000, subject to post-closing adjustments and customary holdback provisions. The transaction was funded through the Company’s line of credit and cash on hand.
Amendment to Credit Agreement
On November 30, 2023, the Company entered into Amendment No. 3 to Loan Agreement by and between Bank of America, N.A. (the “Lender”) and the Company (the “Third Amendment”). Pursuant to the Third Amendment, the Lender consented to the Company’s acquisition of the equity interests of Pacific. The Third Amendment further provided for certain amendments to the Loan Agreement to permit additional indebtedness to be made available to Pacific, to exempt Pacific from certain requirements of the Loan Agreement pertaining to subsidiary guaranty and asset pledges that would otherwise be required under the Loan Agreement, and to waive the Company’s borrowing base limitations through January 31, 2024. The Third Amendment also provided for the reaffirmation of representations, warranties and covenants under the Loan Agreement as are customary in connection with similar amendments of credit documents.
The above descriptions of the Purchase Agreement and the Third Amendment are summaries and are not complete. They are qualified in their entirety by reference to the Purchase Agreement and the Third Amendment, which will be filed as exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ending January 31, 2024.
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SIGNATURES
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.
| LAKELAND INDUSTRIES, INC. | |||
| /s/ Roger D. Shannon | |||
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| Roger D. Shannon Chief Financial Officer | |
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| Date: December 6, 2023 |
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