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 29, 2023
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| LAKE AREA CORN PROCESSORS, LLC |
| (Exact name of registrant as specified in its charter) |
| | | |
| South Dakota | 000-50254 | 46-0460790 |
(State or other jurisdiction of
incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| | |
| 46269 SD Highway 34 | PO Box 100 | |
| Wentworth | SD | 57075 |
| (Address of principal executive offices) | (Zip Code) |
|
| (605) | | 483-2676 | |
| (Registrant's telephone number, including area code) | |
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 (see General Instruction A.2. below):
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| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| | |
Indicate by check mark whether the registrant is an emerging growth company as defined in 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 o
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. o
Item 1.01 Entry into Material Definitive Agreement
On September 29, 2023, Lake Area Corn Processors, LLC (the “Company”) entered into a purchase agreement with KAAPA Ethanol Holdings, LLC for the purchase of membership units in Guardian Hankinson, LLC and Guardian Energy Management, LLC (the “Agreement”). Pursuant to the Agreement, the Company will receive additional units of Guardian Hankinson, LLC and Guardian Energy Management, LLC. The Company has agreed to pay approximately $44,000,000 to purchase the units.
In order to fund our purchase of the units in Guardian Hankinson, LLC and Guardian Energy Management, LLC, the Company entered into an amendment to our wholly owned subsidiary, Dakota Ethanol, LLC’s credit agreement dated May 15, 2013, with lenders, Farm Credit Services of America, PCA and Farm Credit Services of America, FLCA
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.
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| | | LAKE AREA CORN PROCESSORS, LLC |
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| Date: | October 4, 2023 | | /s/ Robbi Buchholtz |
| | | Robbi Buchholtz, Chief Financial Officer |
