SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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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) - February 15, 2002
IEC Electronics Corp.
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(Exact name of Registrant as Specified in its Charter)
Delaware
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(State or other jurisdiction of Incorporation)
0-6508 13-3458955
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(Commission File Number) (IRS Employer Identification No.)
105 Norton Street, Newark, New York 14513
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(Address of Principal Executive Offices)
(315) 331-7742
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(Registrant's Telephone Number, including Area Code)
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Item 5. Other Events and Regulation FD Disclosure
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(a) On February 15, 2002, the Company and its lenders, HSBC Bank USA
and General Electric Capital Corporation, entered into Amendment No. 5 (the
"Amendment") to the Loan and Security Agreement originally dated as of December
28, 1999 (the "Agreement). Pursuant to the Amendment, the term of the Agreement
was extended through February 28, 2002 from the present expiration date of
February 15, 2002. The Company is currently in discussions with other lending
institutions with respect to a new credit agreement. While the Company believes
it will be successful, there can be no assurance that it will meet the February
28, 2002 expiration date.
(b) The Company has received notification that its common stock has not
maintained a minimum market value of publicly held shares ("MVPHS") of
$5,000,000 and a minimum bid price of $1.00 per share over the previous 30
consecutive trading days as required for continued listing on The Nasdaq
National Market. In accordance with Nasdaq Marketplace Rules (the "Rules"), the
Company will be provided 90 calendar days (or until May 15, 2002) to regain
compliance. If at any time prior to May 15, 2002, the MVPHS is $5,000,000 or
more and the bid price of the Company's common stock closes at $1.00 per share
or more for a minimum of 10 consecutive trading days, the Company will have
achieved compliance with the Rules. There can be no assurance that the Company
will be able to achieve compliance with the Rules. If the Company is unable to
regain compliance with the Rules by May 15, 2002 or has not submitted an
application to transfer to The Nasdaq SmallCap Market, its common stock will be
delisted. Management intends to submit an application to transfer its common
stock to The Nasdaq SmallCap Market prior to May 15, 2002 if compliance is not
attained prior to such date. There can be no assurance that the Company will
satisfy the requirements for listing on that market.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
10.1 Amendment No. 5 dated as of February 15, 2002 to Loan and Security
Agreement originally dated as of December 28, 1999 among IEC
Electronics Corp. ("IEC") and IEC Electronics-Edinburg, Texas Inc.
("IEC-Edinburg") and HSBC Bank USA, as Agent ("Agent") and HSBC
Bank USA ("HSBC Bank") and General Electric Capital Corporation
("GE Capital").
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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.
IEC Electronics Corp.
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(Registrant)
Date: February 20, 2002 By:/s/ Richard L. Weiss
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Richard L. Weiss
Vice President, Treasurer, and
Chief Financial Officer
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