UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §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 1.02. Termination of a Material Definitive Agreement.
On April 3, 2023, ENGlobal Corporation (the “Company”) and its subsidiaries, ENGlobal U.S., Inc. and ENGlobal Government Services, Inc., received written notice of non-renewal from Pacific Western Bank dba Pacific Western Business Finance indicating that the Loan and Security Agreement (the “Loan Agreement”) entered into on May 21, 2020 will not be renewed. The termination date of the Loan Agreement will be May 20, 2023. For a description of the material terms and conditions of the Loan Agreement, please see “Note 7 – Debt” to the Company’s consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2023. The current balance is approximately $0.8 million. The Company plans to pay off the balance.
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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.
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| ENGlobal Corporation |
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| (Registrant) |
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April 6, 2023 |
| /s/ Darren W. Spriggs |
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(Date) |
| Darren W. Spriggs, Chief Financial Officer, Treasurer and Corporate Secretary |
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