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): April 1, 2023
DYNATRONICS CORP.
(Exact name of registrant as specified in its charter)
| Utah | 000-12697 | 87-0398434 |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
1200 Trapp Rd, Eagan
Minnesota, Utah, United States 55121
(Address of principal executive offices) (ZIP Code)
Registrant’s telephone number, including area code: (801) 568-7000
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))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading Symbols | | Name of each exchange on which registered |
| Common stock, no par value | | DYNT | | NASDAQ Capital Market |
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 1.01 Entry into a Material Definitive Agreement
Effective as of April 1, 2023, Hausmann Enterprises, LLC, a wholly-owned subsidiary of Dynatronics Corporation (the "Company"), as tenant, entered into a Second Amendment to Lease Agreement with Hausmann Industries, Inc., as landlord, pursuant to which (i) the term of the parties' existing lease agreement for the leased premises located at 130 Union Street in Northvale, New Jersey was extended for an additional five (5) years, commencing April 1, 2023, and (ii) the annual base rent payable under the lease agreement was adjusted to "Fair Market Rent" in the amount of $720,000, subject to annual increases thereafter of two percent (2%) per year during the extension term (the "Lease Amendment").
This summary description is qualified in its entirety by reference to the Second Amendment to Lease Agreement, filed as Exhibit 10.1 to this Current Report on Form 8-K incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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: April 5, 2023 | DYNATRONICS CORPORATION | |
| | | | |
| | By: | /s/John Krier | |
| | Name: | John Krier | |
| | Title: | President and Chief Executive Officer | |
