8-K

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) March 23, 2020 (March 23, 2020)

LINCOLNWAY ENERGY, LLC

(Exact Name of Registrant as Specified in Its Charter)

IOWA	000-51764	20-1118105
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

59511 W. Lincoln Highway, Nevada, Iowa	50201
(Address of Principal Executive Offices)	(Zip Code)

(515) 232-1010

(Registrant’s Telephone Number, Including Area Code)

(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))

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 7.01.  Regulation FD Disclosure

On March 23, 2020, Lincolnway Energy, LLC (the “Company”) will hold a Special Meeting of Members (the “Members Meeting”) and a copy of the presentation to be used in connection with the Members Meeting is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 7.01.

The foregoing information (including the exhibit hereto) is being furnished under “Item 7.01- Regulation FD Disclosure”.  Such information (including the exhibit hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Neither the filing of this Current Report nor the furnishing of this information pursuant to Item 7.01 means that such information is material or that disclosure of such information is required.

Item 9.01.  Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Special Member Meeting Presentation dated March 23, 2020

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.

		LINCOLNWAY ENERGY, LLC
	By:	/s/ Jeff Kistner
Date: March 23, 2020		Jeff Kistner
		Interim Chief Financial Officer

EX-99.1

Exhibit 99.1

   Lincolnway Energy Member Meeting  March 23, 2020 

 2  Proxy MaterialFlexibility to Partner, Grow & Increase LWE’s Value 

 Agenda  IntroductionsDiscuss Husker AgPlant Improvement So Far and Future PlansInvestment, Management and Board Make UpDiscuss LWE Member Investment in Class B UnitsQuestions and Discussions 

 4  This presentation may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. When the Company uses words such as “may,” “will,” “intend,” should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. The Company’s expected results may not be achieved, and actual results may differ materially from expectations. Specifically the Company’s statements regarding: (i) its ability to implement a strategic long-term plan ; (ii) its ability to reduce operating costs, including general and administrative expenses; (iii) its ability to improve its balance sheet and cash flows; (iv) its ability to stabilize and produce consistent and reliable cash flows; and (v) its ability to manage operating costs and increase unitholder value are all forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this presentation. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.Important Additional InformationThe Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company’s Members in connection with matters to be considered at the Company’s Special Meeting of Members (the “Special Meeting”). The Company has filed a definitive proxy statement and proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies from the Company’s Members. MEMBERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY AS THEY CONTAIN IMPORTANT INFORMATION. Information regarding the identities of the Company’s directors and executive officers, and their direct or indirect interests, by security holdings or otherwise, are set forth in the proxy statement and other materials filed with the SEC in connection with the Special Meeting. Members can obtain the proxy statement, any amendments or supplements to the proxy statement, and any other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. These documents are also available at no charge in the “Investors—2019 Special Meeting Materials” section of the Company’s website at www.lincolnwayenergy.com.  Safe Harbor 

 LWE’s Focus  1. Top Tier Plant Management Team2. Viable Business Model to Maximize Profitability3. Economic Decision-Making Process for:Financial Results Commodity ProcurementMarket ImpactTechnology / Production EnhancementsManagement AccountabilityGovernment Influence 

 6  Impact to LWE 

 Energy  Cut 70 gallons raw water per minute extraWe are using 3 million gallons less per month of raw fresh water57 million btus per hour X $3.00 X 24hrs= $4104-DayOr $1,500,000 per year or $0.02 per gallon 29,000 btus per gallon previously 24,000 btus per gallon currently .95 kilowatt per gallon <.7 kilowatt – Today Still evaluating horsepower requirements Confident will keep falling with increased production – BEP “Best Efficiency Point”!! 

 Ingredients & Chemicals   Shut off methanator $ (3,000)Shut off ammonia $ (9,100)Reduced urea $ (21,067) Reduced enzyme $ (56,436) No more protease $ (24,500) Sulfuric acid reduction $ (4,247)Caustic reduction $ (18,362)Added new chemicals $ 23,000Total Estimated Reductions =$ >113,700 per monthAnnualized $1.36 million or $0.017 per gallon 

 Plant Run Rate  Increasing gallons from 62 mmgy to 75 mmgy decreases overhead by $0.03 per gallon. Total fixed overhead at $1.16 million Increasing from 62-75mmgy represents a 20% decrease per gallon Bottom line delta impact = $ 2,250,000 annually  

 Repair and Maintenance  2019 R&M was >$0.065 per gallon 2020 R&M about $0.01 , targeting $0.02 $0.04 delta equates to $3,000,000 

 Syrup & DDG  SyrupPreviously sold 5400 tons a month of syrup at $6/tonToday converting the syrup to 1200 tons DDG at $135 Annualized increase of $1,555,200 or $0.02/gallonDDG Rail car discounts on loads under 105 tons = $8/ton 490 tons per day X $8 = $3920 day or $ 1,430,800 per year or $0.019/gallon 

 Merchandising   Leveraging the Husker Ag Partnership Clarity and Intel to the marketsManaging the balance of Farm Gate and Commercial GrainIncrease Contract Offerings to ProducersRisk Management Practices  

 Results Driving Success (**estimated changes)   Energy $0.02 $ 1,500,000Ingredients & chemicals $0.017 $ 1,360,000Fixed Overhead Improvement $0.03 $ 2,250,000Repair and Maintenance $0.04 $ 3,000,000Syrup and DDG $0.03 $ 2,250,000 Merchandising Practices $0.04 $ 3,000,000Ethanol, Corn, DDG, HedgingTotal Delta (estimate) >$0.177 $>13,360,000 

 Filing for New Air Permit - 100 mmgy Debottleneck Pumps & Piping < $500,000 Add Sieve Capacity –$500,000Produce at 80 - 85 mmgy Add 6th Fermenter, Milling, Boiler Capacity, Degas, - $4 millionNew Run Rate 90 -100 millionKeep Evaluating High Protein Low Carbon Fuels Pay Distributions   Looking Ahead 

 Husker Ag- Class A Units  

 Husker Ag will Purchase A Units equal to any unsubscribed B units 

 Class B UnitsItems You Need to Know  Completion of the Vote:Next closing of $5,000,000 Series A purchase by Husker Ag – March 31Members will be notified when Series B offering starts – on or about April 1All interested members who are accredited investors will be provided full private placement memo and subscription documents. 

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