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DC 20549</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">FORM 8-K</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">Date of report (Date of earliest event reported):</TD>
    <TD STYLE="width: 62%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; padding-left: 0.36in">February 21, 2012</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Frequency Electronics, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Exact Name of Registrant as Specified in Its Charter)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD NOWRAP STYLE="width: 34%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Delaware</TD>
    <TD NOWRAP STYLE="width: 33%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">1-8061</TD>
    <TD NOWRAP STYLE="width: 33%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">11-1986657</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(State or Other Jurisdiction of Incorporation)</TD>
    <TD NOWRAP STYLE="text-align: center">(Commission File Number)</TD>
    <TD NOWRAP STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
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    <TD STYLE="width: 70%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;55 Charles Lindbergh Blvd., Mitchel Field, NY</TD>
    <TD STYLE="width: 30%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;11553</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.24in">(Address of Principal Executive Offices)</TD>
    <TD>(Zip Code)</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">Registrant&rsquo;s telephone number, including area code:</TD>
    <TD STYLE="width: 55%; text-decoration: none; font-style: normal; font-weight: normal; border-bottom: Black 1pt solid"><B>(516) 794-4500</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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 (<I>see </I>General Instruction
A.2. below):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&uml;&nbsp;&nbsp;&nbsp;</FONT>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&uml;&nbsp;&nbsp;&nbsp;</FONT>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&uml;&nbsp;&nbsp;&nbsp;</FONT>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&uml;&nbsp;&nbsp;&nbsp;</FONT>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry Into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">On February 21, 2012, Frequency
Electronics, Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), entered into a stock purchase agreement dated
as of February 21, 2012 (the &ldquo;<B><I>Purchase Agreement</I></B>&rdquo;) with Elcom Technologies, Inc., a Delaware corporation
(&ldquo;<B><I>Elcom</I></B>&rdquo;), Aurum Holdings M.K.I. Ltd. (&ldquo;<B><I>Aurum</I></B>&rdquo;), Aurec Capital Ltd., Yezuka
Ltd., Genesis Partners II (Israel) L.P., Genesis Partners II L.D.C. (together with Genesis Partners II (Israel) L.P., &ldquo;<B><I>Genesis</I></B>&rdquo;)
and the other stockholders of Elcom identified on the signature pages thereto (collectively, the &ldquo;<B><I>Sellers</I></B>&rdquo;).
Elcom is a design and manufacturing company engaged in the design, development, manufacture and sale of RF microwave synthesizers
and receivers, converters/tuners and frequency signal sources (the &ldquo;<B><I>Business</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Under the terms of the Purchase
Agreement, the Company purchased from the Sellers all of the outstanding capital stock of Elcom that was not previously owned by
the Company, and repaid in full certain outstanding indebtedness of Elcom due and owing to the Company, Aurum and Genesis (the
&ldquo;<B><I>Transaction</I></B>&rdquo;). The execution of the Purchase Agreement and the closing of the Transaction occurred simultaneously
on February 21, 2012. As a result of the Transaction, Elcom became a wholly owned subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The consideration for the
Transaction consisted of $7,500,000 (the &ldquo;<B><I>Base Purchase Price</I></B>&rdquo;)<FONT STYLE="color: black">. Pursuant
to the Purchase Agreement, at the closing of the Transaction, the Company deducted from the Base Purchase Price for itself (i)
$1,563,164, which represented the aggregate amount due and owing to the Company in its capacity as lender under the</FONT> Convertible
Promissory Note issued on December 28, 2006 by Elcom to the Company in the original principal amount of $1,500,000 (the &ldquo;<B><I>FEI
Note</I></B>&rdquo;), and (ii) $407,340, which represented the aggregate amount due and owing to the Company in its capacity as
a lender under the Convertible Loan Agreement, dated as of March 23, 2010 (as amended), by and among Elcom, Aurum, Genesis and
the Company (the &ldquo;<B><I>Stockholder Loan Agreement</I></B>&rdquo;). In addition, at the closing of the Transaction, the Company
paid from the Base Purchase Price $406,018 to Aurum and $504,089 to Genesis, which represented the aggregate amounts due and owing
to each of them in their capacities as lenders under the Stockholder Loan Agreement. The FEI Note and the Stockholder Loan Agreement
were subsequently terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Thereafter, the Company further
deducted from the Base Purchase Price for itself $509,931, which represented the portion of the Base Purchase Price allocated to
all of the issued and outstanding Series A-1 preferred stock, $0.01 par value per share, of Elcom owned by the Company, and an
aggregate of $208,964 for the payment of the portion of certain fees and expenses which the Sellers were obligated to pay under
the terms of the Purchase Agreement. The balance of $3,900,495 is being allocated and paid out to the Sellers in exchange for the
shares of capital stock of Elcom (and all options or warrants to purchase such capital stock) owned by them in accordance with
the preferences and priorities associated with such shares of capital stock as set forth in the Amended and Restated Certificate
of Incorporation of Elcom and the percentage amounts derived therefrom set forth in a schedule to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The Purchase Agreement contains
customary representations and warranties, covenants and indemnification obligations of the parties thereto as set forth therein.
Under the Purchase Agreement, the Sellers agreed (i) not to compete with the Business for a period of two years following the closing
and (ii) to treat as confidential certain confidential information relating to Elcom and the Business. The Sellers further agreed
not to (i) hire or solicit any employee of the Company, Elcom or their affiliates, unless the Company or Elcom first terminates
the employment of such employee, (ii) induce any employee of the Company, Elcom or their affiliates to leave the employment of
his or her employer, (iii) induce any person to cease, diminish or not commence doing business with the Company, Elcom or their
affiliates or (iv) disparage the Business, the Company, Elcom or their affiliates for a period of two years following the closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">There are no material relationships
between Elcom and the Sellers, on the one hand, and the Company or any of its affiliates, any director or officer of the Company,
or any associate of any such director or officer, on the other hand, other than with respect to (i) the Purchase Agreement and
the ancillary agreements referred to therein and the transactions contemplated thereby, (ii) the FEI Note and the transactions
contemplated thereby and relating thereto, (iii) the Stockholder Loan Agreement and the transactions contemplated thereby and relating
thereto, (iv) those incident to designees<B> </B>of Elcom, Aurum, Genesis and the Company serving as directors of Elcom, and (v)
those incident to the Company&rsquo;s capacity as a stockholder of Elcom, including, without limitation, transactions contemplated
by the Amended and Restated Stockholders&rsquo; Agreement, dated as of December 28, 2006 (as amended), by and among Elcom and the
stockholders of Elcom, and the Amended and Restated Investors Rights Agreement, dated as of December 28, 2006, by and among Elcom
and the stockholders of Elcom, each of which agreement was terminated at the closing of the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The foregoing summary of the
Purchase Agreement and the Transaction does not purport to be complete and is subject to, and qualified in its entirety by, the
full text of the Purchase Agreement, a copy of which is attached hereto as Exhibit 2.1 and is incorporated herein in its entirety
by reference. The press release issued by the Company announcing the foregoing is attached hereto as Exhibit 99.1 and is incorporated
herein in its entirety by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Purchase Agreement has been included to
provide security holders with information regarding its terms. It is not intended to provide any other factual information about
the Company, Elcom or the Sellers. The representations, warranties and covenants contained in the Purchase Agreement were made
only for purposes of the Purchase Agreement and as of specific dates; were solely for the benefit of the parties to the Purchase
Agreement; may be subject to qualifications and limitations agreed upon by the contracting parties, including being qualified by
confidential disclosures made for the purposes of allocating contractual risk between the parties instead of establishing these
matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those generally
applicable to security holders. Security holders are not third-party beneficiaries under the Purchase Agreement and should not
rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts
or condition of the Company, Elcom or the Sellers or any of their respective subsidiaries or affiliates. Moreover, information
concerning the subject matter of the representations, warranties and covenants may change after the date of the Purchase Agreement,
which subsequent information may or may not be fully reflected in the Company&rsquo;s public disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.01</B></TD><TD STYLE="text-align: left"><B>Completion of Acquisition or Disposition of Assets.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.8pt">The information set forth in Item&nbsp;1.01
above is incorporated into this Item&nbsp;2.01 in its entirety by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.8pt">On February 22, 2012, the Company issued a
press release announcing its entry into the Purchase Agreement referred to in Item 1.01 above. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated into this Item 8.01 in its entirety by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Statements of Business Acquired</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Financial Statements are not included in this
Report, but will be filed by amendment not later than 71 days from the date this Report is due, in accordance with Item 9.01 of
Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pro Forma Financial Information</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Financial Statements are not included in this
Report, but will be filed by amendment not later than 71 days from the date this Report is due, in accordance with Item 9.01 of
Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid">Exhibit No.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 85%; border-bottom: windowtext 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.1</TD>
    <TD>&nbsp;</TD>
    <TD>Stock Purchase Agreement, dated as of February 21, 2012, by and among the Company, Elcom and the stockholders of Elcom identified on the signature pages thereto.<SUP>*</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release of the Company, dated February 22, 2012.</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* All exhibits and schedules to this Exhibit have been omitted in
accordance with Regulation S-K Item 601(b)(2). The Company agrees to furnish supplementally a copy of all omitted exhibits and
schedules to the Securities and Exchange Commission upon its request.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp; February 27, 2012</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">Frequency Electronics, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">By:</TD>
    <TD STYLE="width: 43%; text-decoration: none; font-style: normal; font-weight: normal; border-bottom: Black 1pt solid">/s/ Alan Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Alan Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="font-style: italic">Secretary, Treasurer and Chief</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic">Financial Officer</TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: underline; text-transform: uppercase; text-align: center">EXHIBIT
INDEX</P>

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<TR>
    <TD STYLE="width: 13%; vertical-align: top; border-bottom: windowtext 1pt solid; font-weight: bold">Exhibit No.</TD>
    <TD STYLE="width: 2%; vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 85%; vertical-align: bottom; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.1</TD>
    <TD>&nbsp;</TD>
    <TD>Stock Purchase Agreement, dated as of February 21, 2012, by and among the Company, Elcom and the stockholders of Elcom identified on the signature pages thereto.<SUP>*</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release of Frequency Electronics, Inc., dated February 22, 2012.</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* All exhibits and schedules to this Exhibit have been omitted in
accordance with Regulation S-K Item 601(b)(2). The Company agrees to furnish supplementally a copy of all omitted exhibits and
schedules to the Securities and Exchange Commission upon its request.</P>

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[{"type": "8-K", "sequence": "1", "filename": "v303671_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 29750}]
{"company-data": {"conformed-name": "FREQUENCY ELECTRONICS INC", "cik": "0000039020", "assigned-sic": "3825", "irs-number": "111986657", "state-of-incorporation": "DE", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08061", "film-number": "12642722"}, "business-address": {"street1": "55 CHARLES LINDBERGH BLVD", "city": "MITCHEL FIELD", "state": "NY", "zip": "11553", "phone": "5167944500"}, "mail-address": {"street1": "55 CHARLES LINDBERGH BOULEVARD", "city": "MITCHELL FIELD", "state": "NY", "zip": "11553"}}
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):
February 21, 2012
Frequency Electronics, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
1-8061
11-1986657
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
55 Charles Lindbergh Blvd., Mitchel Field, NY
11553
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(516) 794-4500
(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))
Item 1.01.            Entry Into a Material Definitive
Agreement.
On February 21, 2012, Frequency
Electronics, Inc., a Delaware corporation (the "
Company
"), entered into a stock purchase agreement dated
as of February 21, 2012 (the "
Purchase Agreement
") with Elcom Technologies, Inc., a Delaware corporation
("
Elcom
"), Aurum Holdings M.K.I. Ltd. ("
Aurum
"), Aurec Capital Ltd., Yezuka
Ltd., Genesis Partners II (Israel) L.P., Genesis Partners II L.D.C. (together with Genesis Partners II (Israel) L.P., "
Genesis
")
and the other stockholders of Elcom identified on the signature pages thereto (collectively, the "
Sellers
").
Elcom is a design and manufacturing company engaged in the design, development, manufacture and sale of RF microwave synthesizers
and receivers, converters/tuners and frequency signal sources (the "
Business
").
Under the terms of the Purchase
Agreement, the Company purchased from the Sellers all of the outstanding capital stock of Elcom that was not previously owned by
the Company, and repaid in full certain outstanding indebtedness of Elcom due and owing to the Company, Aurum and Genesis (the
"
Transaction
"). The execution of the Purchase Agreement and the closing of the Transaction occurred simultaneously
on February 21, 2012. As a result of the Transaction, Elcom became a wholly owned subsidiary of the Company.
The consideration for the
Transaction consisted of $7,500,000 (the "
Base Purchase Price
")
. Pursuant
to the Purchase Agreement, at the closing of the Transaction, the Company deducted from the Base Purchase Price for itself (i)
$1,563,164, which represented the aggregate amount due and owing to the Company in its capacity as lender under the
Convertible
Promissory Note issued on December 28, 2006 by Elcom to the Company in the original principal amount of $1,500,000 (the "
FEI
Note
"), and (ii) $407,340, which represented the aggregate amount due and owing to the Company in its capacity as
a lender under the Convertible Loan Agreement, dated as of March 23, 2010 (as amended), by and among Elcom, Aurum, Genesis and
the Company (the "
Stockholder Loan Agreement
"). In addition, at the closing of the Transaction, the Company
paid from the Base Purchase Price $406,018 to Aurum and $504,089 to Genesis, which represented the aggregate amounts due and owing
to each of them in their capacities as lenders under the Stockholder Loan Agreement. The FEI Note and the Stockholder Loan Agreement
were subsequently terminated.
Thereafter, the Company further
deducted from the Base Purchase Price for itself $509,931, which represented the portion of the Base Purchase Price allocated to
all of the issued and outstanding Series A-1 preferred stock, $0.01 par value per share, of Elcom owned by the Company, and an
aggregate of $208,964 for the payment of the portion of certain fees and expenses which the Sellers were obligated to pay under
the terms of the Purchase Agreement. The balance of $3,900,495 is being allocated and paid out to the Sellers in exchange for the
shares of capital stock of Elcom (and all options or warrants to purchase such capital stock) owned by them in accordance with
the preferences and priorities associated with such shares of capital stock as set forth in the Amended and Restated Certificate
of Incorporation of Elcom and the percentage amounts derived therefrom set forth in a schedule to the Purchase Agreement.
The Purchase Agreement contains
customary representations and warranties, covenants and indemnification obligations of the parties thereto as set forth therein.
Under the Purchase Agreement, the Sellers agreed (i) not to compete with the Business for a period of two years following the closing
and (ii) to treat as confidential certain confidential information relating to Elcom and the Business. The Sellers further agreed
not to (i) hire or solicit any employee of the Company, Elcom or their affiliates, unless the Company or Elcom first terminates
the employment of such employee, (ii) induce any employee of the Company, Elcom or their affiliates to leave the employment of
his or her employer, (iii) induce any person to cease, diminish or not commence doing business with the Company, Elcom or their
affiliates or (iv) disparage the Business, the Company, Elcom or their affiliates for a period of two years following the closing.
There are no material relationships
between Elcom and the Sellers, on the one hand, and the Company or any of its affiliates, any director or officer of the Company,
or any associate of any such director or officer, on the other hand, other than with respect to (i) the Purchase Agreement and
the ancillary agreements referred to therein and the transactions contemplated thereby, (ii) the FEI Note and the transactions
contemplated thereby and relating thereto, (iii) the Stockholder Loan Agreement and the transactions contemplated thereby and relating
thereto, (iv) those incident to designees
of Elcom, Aurum, Genesis and the Company serving as directors of Elcom, and (v)
those incident to the Company's capacity as a stockholder of Elcom, including, without limitation, transactions contemplated
by the Amended and Restated Stockholders' Agreement, dated as of December 28, 2006 (as amended), by and among Elcom and the
stockholders of Elcom, and the Amended and Restated Investors Rights Agreement, dated as of December 28, 2006, by and among Elcom
and the stockholders of Elcom, each of which agreement was terminated at the closing of the Transaction.
The foregoing summary of the
Purchase Agreement and the Transaction does not purport to be complete and is subject to, and qualified in its entirety by, the
full text of the Purchase Agreement, a copy of which is attached hereto as Exhibit 2.1 and is incorporated herein in its entirety
by reference. The press release issued by the Company announcing the foregoing is attached hereto as Exhibit 99.1 and is incorporated
herein in its entirety by reference.
The Purchase Agreement has been included to
provide security holders with information regarding its terms. It is not intended to provide any other factual information about
the Company, Elcom or the Sellers. The representations, warranties and covenants contained in the Purchase Agreement were made
only for purposes of the Purchase Agreement and as of specific dates; were solely for the benefit of the parties to the Purchase
Agreement; may be subject to qualifications and limitations agreed upon by the contracting parties, including being qualified by
confidential disclosures made for the purposes of allocating contractual risk between the parties instead of establishing these
matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those generally
applicable to security holders. Security holders are not third-party beneficiaries under the Purchase Agreement and should not
rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts
or condition of the Company, Elcom or the Sellers or any of their respective subsidiaries or affiliates. Moreover, information
concerning the subject matter of the representations, warranties and covenants may change after the date of the Purchase Agreement,
which subsequent information may or may not be fully reflected in the Company's public disclosures.
Item 2.01
Completion of Acquisition or Disposition of Assets.
The information set forth in Item 1.01
above is incorporated into this Item 2.01 in its entirety by reference.
Item 8.01.           Other Events.
On February 22, 2012, the Company issued a
press release announcing its entry into the Purchase Agreement referred to in Item 1.01 above. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated into this Item 8.01 in its entirety by reference.
Item 9.01.
Financial Statements and Exhibits.
(a)
Financial Statements of Business Acquired
.
Financial Statements are not included in this
Report, but will be filed by amendment not later than 71 days from the date this Report is due, in accordance with Item 9.01 of
Form 8-K.
(b)
Pro Forma Financial Information
.
Financial Statements are not included in this
Report, but will be filed by amendment not later than 71 days from the date this Report is due, in accordance with Item 9.01 of
Form 8-K.
(d)
Exhibits
.
Exhibit No.
Description
2.1
Stock Purchase Agreement, dated as of February 21, 2012, by and among the Company, Elcom and the stockholders of Elcom identified on the signature pages thereto.
*
99.1
Press Release of the Company, dated February 22, 2012.
* All exhibits and schedules to this Exhibit have been omitted in
accordance with Regulation S-K Item 601(b)(2). The Company agrees to furnish supplementally a copy of all omitted exhibits and
schedules to the Securities and Exchange Commission upon its request.
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.
Date:  February 27, 2012
Frequency Electronics, Inc.
By:
/s/ Alan Miller
Name:
Alan Miller
Title:
Secretary, Treasurer and Chief
Financial Officer
EXHIBIT
INDEX
Exhibit No.
Description
2.1
Stock Purchase Agreement, dated as of February 21, 2012, by and among the Company, Elcom and the stockholders of Elcom identified on the signature pages thereto.
*
99.1
Press Release of Frequency Electronics, Inc., dated February 22, 2012.
* All exhibits and schedules to this Exhibit have been omitted in
accordance with Regulation S-K Item 601(b)(2). The Company agrees to furnish supplementally a copy of all omitted exhibits and
schedules to the Securities and Exchange Commission upon its request.