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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>Washington, D.C. 20549</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>FORM 8-K</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>PURSUANT TO SECTION 13 OR 15(d)</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>Date of Report (Date of earliest event reported): December 11, 2019</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>Crawford United Corporation</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">(Exact Name of Registrant as Specified in Charter)</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Ohio</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>000-00147</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>34-0288470</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or Other Jurisdiction</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">of Incorporation)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">File Number)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(IRS Employer</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Identification No.)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>10514 Dupont Avenue </b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Cleveland, Ohio</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>44108</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of Principal Executive Offices)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip Code)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>(216)&nbsp;541-8060</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">(Registrant&#8217;s telephone number, including area code)</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Securities registered pursuant to Section 12(b) of the Act: None.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">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):</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Emerging growth company&nbsp;&#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">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.&nbsp;&#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;"><b>Item 1.01</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;"><b>Entry into a Material Definitive Agreement</b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">As previously reported on the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 4, 2019 by Crawford United Corporation, an Ohio corporation (the &#8220;Company&#8221;), on December 28, 2018, the Company and Roundball, LLC (&#8220;Roundball&#8221;) entered into Amendment No. 7 to the Convertible Loan Agreement, by and between the Company as borrower, and Roundball and The Aplin Family Trust, as lenders, dated December 30, 2011 (the &#8220;Convertible Loan Agreement&#8221;), to, among other things, further amend the Promissory Note between the Company and Roundball, dated December 30, 2011, and issued in the aggregate original principal amount of $466,879.87 (the &#8220;Promissory Note&#8221;), to modify Roundball&#8217;s conversion option with respect to amounts outstanding under the Promissory Note (the &#8220;Conversion Option&#8221;). As amended, the Conversion Option allows Roundball to convert amounts owed to it under the Promissory Note into a maximum amount of 75,000 shares of the Company&#8217;s Class B common stock (the &#8220;Class B Shares&#8221;) at the price of $1.43 per share (subject to adjustment), and subject to shareholder approval. As previously reported in Item 5.07 of the Company&#8217;s Current Report on Form 8-K filed on May 14, 2019, the Company obtained the required shareholder approval for the Conversion Option at its 2019 annual meeting of shareholders. Roundball, a major shareholder of the Company, is an affiliate of Steven Rosen and Matthew Crawford, who serve on the Board of Directors of the Company.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The Company and Roundball also previously entered into a Warrant Agreement, dated&nbsp;December 30, 2012 (as amended to date, the &#8220;Warrant Agreement&#8221;), whereby the Company issued warrants (the &#8220;Warrants&#8221;) to Roundball to purchase, at its option, up to 100,000 shares of Class A Common Stock of the Company at an exercise price of $2.50 per share (subject to adjustment). The Warrant Agreement, as amended, provides that the Warrants expire on December 30, 2019.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">On December 11, 2019, Roundball provided notice to the Company of its exercise of the Conversion Option and exercised the Warrants, as further described in Item 3.02 of this Current Report on Form 8-K.</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;"><b>Item 3.02</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;"><b>Unregistered Sales of Equity Securities.</b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">On December 18, 2019, the Company will issue 75,000 Class B Shares and 251,489.43 shares of the Company&#8217;s Class A common stock (the &#8220;Class A Shares&#8221;), pursuant to Section 2.1.1, and in accordance with Section 2.2.2, of the Convertible Loan Agreement, to Roundball following the Company&#8217;s receipt on December 11, 2019, of a notice from Roundball of its exercise of the Conversion Option in respect of $466,879.87 of the principal and interest amount outstanding under the Promissory Note between the Company and Roundball, thereupon retiring all outstanding debt incurred and accrued interest under the Promissory Note.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The Company will issue the Class B Shares upon conversion of $107,250, and the Class A Shares upon conversion of $359,629.87, borrowed under the Promissory Note to Roundball in reliance on the exemption from registration provided for under Section 3(a)(9) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), as the issuance will be made to an existing security holder, there will be no consideration paid for the Class B Shares or the Class A Shares and no commission or other remuneration will be paid.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">On December 11, 2019, Roundball exercised the Warrants for 100,000 of the Company&#8217;s Class A Shares at an exercise price of $2.50 per share, resulting in an aggregate exercise price of $250,000, which shares were issued by the Company to Roundball without registration under the Securities Act, in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act, as the issuance was made to a single existing security holder believed to be an &#8220;accredited investor&#8221; within the meaning of Rule 501 of Regulation D promulgated under the Securities Act, and did not involve a public offering.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>SIGNATURES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:7.2pt;margin-right:34.55pt;margin-top:0pt;text-align:left;text-indent:36pt;">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>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:42.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:0.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:4.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:0.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:42.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CRAWFORD UNITED CORPORATION</p>
			</td>
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			<td style="vertical-align:middle;width:46.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="2" style="vertical-align:middle;width:5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="2" style="vertical-align:middle;width:4.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="2" style="vertical-align:middle;width:43.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: December 17, 2019</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:4.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:0.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:42.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>/s/ Kelly J. Marek&nbsp;</u></p>
			</td>
		</tr>
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			<td style="vertical-align:top;width:46.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:0.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:4.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:0.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:42.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Name: Kelly J. Marek</p>
			</td>
		</tr>
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			<td style="vertical-align:top;width:46.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:0.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:4.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:0.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:42.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Its: Vice President and Chief Financial Officer</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:7.2pt;margin-right:43.2pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">3</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>


</body></html>
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{"company-data": {"conformed-name": "CRAWFORD UNITED Corp", "cik": "0000047307", "assigned-sic": "3823", "irs-number": "340288470", "state-of-incorporation": "OH", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-00147", "film-number": "191289581"}, "business-address": {"street1": "10514 DUPONT AVE", "city": "CLEVELAND", "state": "OH", "zip": "44108", "phone": "2165418060"}, "mail-address": {"street1": "10514 DUPONT AVE", "city": "CLEVELAND", "state": "OH", "zip": "44108"}, "former-company": [{"former-conformed-name": "HICKOK INC", "date-changed": "19950328"}, {"former-conformed-name": "HICKOK ELECTRICAL INSTRUMENT CO", "date-changed": "19920703"}]}
crawa20191217_8k.htm
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): December 11, 2019
Crawford United Corporation
(Exact Name of Registrant as Specified in Charter)
Ohio
000-00147
34-0288470
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
10514 Dupont Avenue
Cleveland, Ohio
44108
(Address of Principal Executive Offices)
(Zip Code)
(216) 541-8060
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None.
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))
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
As previously reported on the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 4, 2019 by Crawford United Corporation, an Ohio corporation (the "Company"), on December 28, 2018, the Company and Roundball, LLC ("Roundball") entered into Amendment No. 7 to the Convertible Loan Agreement, by and between the Company as borrower, and Roundball and The Aplin Family Trust, as lenders, dated December 30, 2011 (the "Convertible Loan Agreement"), to, among other things, further amend the Promissory Note between the Company and Roundball, dated December 30, 2011, and issued in the aggregate original principal amount of $466,879.87 (the "Promissory Note"), to modify Roundball's conversion option with respect to amounts outstanding under the Promissory Note (the "Conversion Option"). As amended, the Conversion Option allows Roundball to convert amounts owed to it under the Promissory Note into a maximum amount of 75,000 shares of the Company's Class B common stock (the "Class B Shares") at the price of $1.43 per share (subject to adjustment), and subject to shareholder approval. As previously reported in Item 5.07 of the Company's Current Report on Form 8-K filed on May 14, 2019, the Company obtained the required shareholder approval for the Conversion Option at its 2019 annual meeting of shareholders. Roundball, a major shareholder of the Company, is an affiliate of Steven Rosen and Matthew Crawford, who serve on the Board of Directors of the Company.
The Company and Roundball also previously entered into a Warrant Agreement, dated December 30, 2012 (as amended to date, the "Warrant Agreement"), whereby the Company issued warrants (the "Warrants") to Roundball to purchase, at its option, up to 100,000 shares of Class A Common Stock of the Company at an exercise price of $2.50 per share (subject to adjustment). The Warrant Agreement, as amended, provides that the Warrants expire on December 30, 2019.
On December 11, 2019, Roundball provided notice to the Company of its exercise of the Conversion Option and exercised the Warrants, as further described in Item 3.02 of this Current Report on Form 8-K.
Item 3.02
Unregistered Sales of Equity Securities.
On December 18, 2019, the Company will issue 75,000 Class B Shares and 251,489.43 shares of the Company's Class A common stock (the "Class A Shares"), pursuant to Section 2.1.1, and in accordance with Section 2.2.2, of the Convertible Loan Agreement, to Roundball following the Company's receipt on December 11, 2019, of a notice from Roundball of its exercise of the Conversion Option in respect of $466,879.87 of the principal and interest amount outstanding under the Promissory Note between the Company and Roundball, thereupon retiring all outstanding debt incurred and accrued interest under the Promissory Note.
The Company will issue the Class B Shares upon conversion of $107,250, and the Class A Shares upon conversion of $359,629.87, borrowed under the Promissory Note to Roundball in reliance on the exemption from registration provided for under Section 3(a)(9) of the Securities Act of 1933, as amended (the "Securities Act"), as the issuance will be made to an existing security holder, there will be no consideration paid for the Class B Shares or the Class A Shares and no commission or other remuneration will be paid.
On December 11, 2019, Roundball exercised the Warrants for 100,000 of the Company's Class A Shares at an exercise price of $2.50 per share, resulting in an aggregate exercise price of $250,000, which shares were issued by the Company to Roundball without registration under the Securities Act, in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act, as the issuance was made to a single existing security holder believed to be an "accredited investor" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act, and did not involve a public offering.
2
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.
CRAWFORD UNITED CORPORATION
Date: December 17, 2019
/s/ Kelly J. Marek
Name: Kelly J. Marek
Its: Vice President and Chief Financial Officer
3