UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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):
August 27, 2018
SUPERIOR DRILLING PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
| Utah | | 46-4341605 |
| (State of Incorporation) | | (I.R.S. Employer Identification No.) |
1583 South 1700 East Vernal, Utah | | 84078 |
| (Address of principal executive offices) | | (Zip code) |
Commission File Number:001-36453
Registrant’s telephone number, including area code:(435) 789-0594
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) |
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| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| [ ] | 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 [X]
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 1.01.Entry into a Material Definitive Agreement.
On August 27, 2018, and effective September 1, 2018, a wholly-owned subsidiary of Superior Drilling Product, Inc. (the “Company”) entered into a commercial lease related to property in Abilene, Texas to be used for the manufacture and repair of the Company’s product lines. The lease has a three year term, which commences September 1, 2018 and terminates on August 31, 2021. The lease rental is $8,033 per month and the Company was required to provide an $8,000 security deposit. The lease also contains other customary provisions regarding taxes, insurance, maintenance, repair, alterations, assignment and subleasing.
The foregoing description of the lease agreement is qualified in its entirety by reference to the text of such document, which is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.
Item 8.01. Other Events.
On August 29, 2018, the Company issued a press release in connection with the entry into the lease. The full text of the press release is attached hereto as Exhibit 99.1.
Item 9.01Financial Statements and Exhibits.
* Filed herewith.
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.
Date: August 30, 2018
| | SUPERIOR DRILLING PRODUCTS, INC. |
| | |
| | /s/ Christopher D. Cashion |
| | Christopher D. Cashion |
| | Chief Financial Officer |
