Item 1.02 Termination of a Material Definitive Agreement.
As previously reported in the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 21, 2020, Ramaco Resources, Inc., a Delaware corporation (the “Company”), entered into a loan with KeyBank National Association (the “Lender”) as the lender in the principal amount of $8,444,737 (the “PPP Loan”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Paycheck Protection Program”).
The Paycheck Protection Program is administered by the U.S. Small Business Administration (“SBA”). The SBA was given the authority under the Paycheck Protection Program to forgive loans if program requirements were met for a required, covered, period and the loan proceeds were used for payroll, rent and utilities. The Company applied for debt forgiveness in 2020.
On July 29, 2021, the Company was notified by KeyBank that the PPP Loan from the Paycheck Protection Program has been approved for full forgiveness by the SBA.
The foregoing description of the PPP Loan does not purport to be complete and is qualified in its entirety by reference to Item 1.01 of the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 21, 2020, which is incorporated into this Item 1.02 by reference.
Item 2.02. Results of Operations and Financial Condition.
On August 2, 2021, the Company issued a press release reporting its financial and operating results for the second quarter of 2021 (the “Earnings Release”). A copy of the Earnings Release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
None of the information furnished in this Item 2.02 will be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor will it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.
Item 7.01. Regulation FD Disclosure.
The information set forth in Item 2.02 above and in Exhibit 99.1 to this Current Report on Form 8-K is incorporated herein by reference.
None of the information furnished in this Item 7.01 will be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
