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): September 24, 2013
VIDEO DISPLAY CORPORATION
(Exact name of registrant as specified in its charter)
Georgia | 0-13394 | 58-1217564 | ||
(State of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
1868 Tucker Industrial Road | ||||
Tucker, Georgia | 30084 | |||
(Address of principal executive offices) | (Zip code) |
Registrants telephone number, including area code: (770) 938-2080
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)) |
Item 1.01 Entry into a Material Definite Agreement
On July 26, 2013, the Company signed a definitive agreement to sell the majority of the assets and to transfer all of the liabilities of the Companys Lexel Imaging Systems, Inc. subsidiary to Citidal Partners LTD, LLC.
The transaction, which has been approved by the boards of directors of both companies, was due to close on or before September 23, 2013 by the terms of the Asset Purchase Agreement (the Agreement). Due to delays in Citadel Partners securing the required financing for the transaction, the closing did not occur. Both parties are working towards agreeing to the terms of a mutually acceptable Amendment to the Agreement that would reinstate the Agreement as modified and set forth a new closing date.
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.
Date: September 27, 2013 | VIDEO DISPLAY CORPORATION | |||||||
By: | /s/ | Ronald D. Ordway | ||||||
Ronald D. Ordway | ||||||||
Chief Executive Officer |