false 0001598981 0001598981 2024-09-23 2024-09-23 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

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): September 23, 2024

 

SKYX PLATFORMS CORP.

(Exact name of Registrant as Specified in its Charter)

 

Florida   001-41276   46-3645414
(State or other jurisdiction of
incorporation)		  

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

2855 W. McNab Road

Pompano Beach, Florida 33069

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (855) 759-7584

 

Not Applicable

(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:

 

☐ 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, no par value per share   SKYX   The Nasdaq Stock Market LLC

 

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

 

On September 23, 2024, SKYX Platforms Corp. (the “Company”), through its wholly owned subsidiary, Belami, Inc. (“Belami”), entered into a $3.5 million secured revolving line of credit (the “line of credit”) with a commercial bank, Farmers & Merchants Bank of Central California (“Farmers”), increasing and renewing its previous revolving line of credit with Farmers. The line of credit bears interest at a variable rate per annum equal to The Wall Street Journal Prime Rate, subject to a floor of 7.5% and ceiling of the maximum rate allowed under applicable law, payable monthly, and matures September 5, 2025. The line of credit is subject to customary default and acceleration provisions and to certain financial covenants, including working capital in excess of $1.75 million and a debt service coverage ratio in excess of 1.25 to 1.00 (calculated as described in the business loan agreement governing the line of credit). In addition, the Company agreed to guarantee Belami’s obligations under the line of credit, pursuant to a commercial guaranty agreement.

 

The above descriptions of the line of credit and guaranty do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the agreements governing the line of credit and guaranty, copies of which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this Current Report on Form 8-K (this “Current Report”) 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 set forth under Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.

 

Item 9.01 Financial Statements and Exhibits

 

Exhibit Number   Description
10.1   Business Loan Agreement (Asset Based), signed September 23, 2024, by and between Belami, Inc., as borrower, and Farmers & Merchants Bank of Central California, as lender.
10.2   Commercial Guaranty, signed September 23, 2024, by and among Belami, Inc., as borrower, SKYX Platforms Corp., as guarantor, and Farmers & Merchants Bank of Central California, as lender.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

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.

 

  SKYX PLATFORMS CORP.
     
 Date: September 24, 2024 By:  /s/ Leonard J. Sokolow
  Name: Leonard J. Sokolow
  Title: Co-Chief Executive Officer

 

 

 

Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v3.24.3
Cover
Sep. 23, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Sep. 23, 2024
Entity File Number 001-41276
Entity Registrant Name SKYX PLATFORMS CORP.
Entity Central Index Key 0001598981
Entity Tax Identification Number 46-3645414
Entity Incorporation, State or Country Code FL
Entity Address, Address Line One 2855 W. McNab Road
Entity Address, City or Town Pompano Beach
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33069
City Area Code (855)
Local Phone Number 759-7584
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, no par value per share
Trading Symbol SKYX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Grafico Azioni SKYX Platforms (NASDAQ:SKYX)
Storico
Da Ott 2024 a Nov 2024 Clicca qui per i Grafici di SKYX Platforms
Grafico Azioni SKYX Platforms (NASDAQ:SKYX)
Storico
Da Nov 2023 a Nov 2024 Clicca qui per i Grafici di SKYX Platforms