Research Solutions, Inc 8-K, filed Mar 28, 2023
Research Solutions, Inc. (RSSS)
About this 8-K
Research Solutions, Inc filed this 8-K on March 28, 2023.
Items reported
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01. | Regulation FD Disclosure. |
Research Solutions, Inc. (the “Registrant”) is aware of the recent sale of the loan, deposit, and bank branch assets of Silicon Valley Bank (“SVB”) to First Citizens BancShares, Inc. In light of these recent developments, the Registrant will continue to evaluate its revolving loan facility under that certain Amended and Restated Loan and Security Agreement dated October 31, 2017 among the Registrant, Reprints Desk, Inc. and SVB (as amended to date, the “SVB LSA”). As it continues to evaluate the SVB LSA, the Registrant has confirmed with SVB that the Registrant retains the ability to borrow on its line of credit in accordance with the SVB LSA, Registrant has access to all its deposits, and has access to substantially all the banking services it received from SVB prior to its closure on March 10, 2023. In addition, the Registrant has established banking relationships and opened accounts with two additional banks as part of exploring an overall banking diversification strategy as well as additional access to lending facilities.
The information in this Item 7.01 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
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.
| RESEARCH SOLUTIONS, INC. | ||
| Date: March 28, 2023 | By: | /s/ William Nurthen |
| William Nurthen | ||
| Chief Financial Officer | ||