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 23, 2024

 

Catheter Precision, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-38677

 

38-3661826

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

1670 Highway 160 West

Suite 205

Fort Mill, SC 29708

(Address of principal executive offices, including zip code)

 

(973) 691-2000

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report.)

______________________

 

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):

 

☐

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 Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

VTAK

NYSE American

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):

 

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.

 

Amendment to Short Term Promissory Notes

 

On August 23, 2024, Catheter Precision, Inc. (the “Company”) amended each of its currently outstanding 8% Short Term Promissory Notes (the “Notes”) identified in the table below, each of which had an original Maturity Date of August 30, 2024, to:

 

 

·

extend the Maturity Date to January 31, 2026,

 

·

increase the Interest Rate to 12% from and after August 31, 2024; and

 

·

provide that interest accrued through August 30, 2024, shall be due and payable as of such date.

 

The amendments were each memorialized by a First Amendment to 8% Short Term Promissory Note(s) (the “Amendments”) entered into between the Company and the Holder of the relevant Note. 

 

Original Issuance Date of Note

Holder

Principal Amount

May 30, 2024

David A. Jenkins

$500,000

June 25, 2024

FatBoy Capital, L.P.

$150,000

July 1, 2024

FatBoy Capital, L.P.

$250,000

July 18, 2024

FatBoy Capital, L.P.

$100,000

July 25, 2024

Jenkins Family Charitable Institute

$500,000

 

David A. Jenkins is the Executive Chair and Chief Executive Officer of the Company; is the managing member of the general partner of FatBoy Capital, L.P.; and was the Settlor and Initial Trustee of Jenkins Family Charitable Institute (the “Trust”).  The current Trustee of the Trust is Mr. Jenkins’ adult daughter.  In addition to his roles as a director and officer of the Company, Mr. Jenkins and his affiliates beneficially own over 10% of the common stock of the Company, Series X Preferred convertible into over 800,000 shares of Company common stock (subject to certain conditions), stock options issued by the Company, and the rights to receive royalties on sales of our LockeT device equal to an aggregate 11.77% of net sales, as defined in the relevant agreements. Mr. Jenkins is a co-inventor of certain of our products and has previously assigned his rights in relation to those inventions to us. In addition, Missiaen Huck, Mr. Jenkins’ adult daughter, serves as our non-executive chief operating officer. For additional information see also Certain Relationships and Related Party Transactions in our proxy statement filed May 16, 2024.

 

Copies of the Amendments are filed as Exhibits 10.1 through 10.3 to this Form 8-K and are incorporated herein by reference.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The disclosure in Item 1.01 above regarding the Amendments is incorporated by reference into this Item 2.03.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

 

Description

 

 

 

10.1

 

First Amendment to 8% Short Term Promissory Notes Payable to FatBoy Capital, L.P.

 

 

 

10.2

 

First Amendment to 8% Short Term Promissory Note Payable to David A. Jenkins

 

 

 

10.3

 

First Amendment to 8% Short Term Promissory Note Payable to Jenkins Family Charitable Institute

 

 

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL Document)

 

 
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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.

 

 

CATHETER PRECISION, INC.

 

 

 

 

 

Date: August 27, 2024

By:

/s/ Margrit Thomassen

 

 

 

Margrit Thomassen

 

 

 

Interim Chief Financial Officer

 

 

 
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nullnullnullv3.24.2.u1
Cover
Aug. 23, 2024
Cover [Abstract]  
Entity Registrant Name Catheter Precision, Inc.
Entity Central Index Key 0001716621
Document Type 8-K
Amendment Flag false
Entity Emerging Growth Company false
Document Period End Date Aug. 23, 2024
Entity File Number 001-38677
Entity Incorporation State Country Code DE
Entity Tax Identification Number 38-3661826
Entity Address Address Line 1 1670 Highway 160 West
Entity Address Address Line 2 Suite 205
Entity Address City Or Town Fort Mill
Entity Address State Or Province SC
Entity Address Postal Zip Code 29708
City Area Code 973
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Local Phone Number 691-2000
Security 12b Title Common Stock, par value $0.0001 per share
Trading Symbol VTAK
Security Exchange Name NYSE
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