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<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
<P id=PARA2 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA7 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT REPORT</B></FONT></P>
<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</B></FONT></P>
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<P id=PARA143 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Date of Report (Date of earliest event reported)&nbsp;</P></TD>
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<P id=PARA144 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 16, 2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR></TABLE>
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<P id=PARA145 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">SPAN-AMERICA MEDICAL SYSTEMS, INC.&nbsp;&nbsp;</P></TD></TR></TABLE>
<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact name of registrant as specified in its charter)</FONT></P>
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<P id=PARA146.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina</FONT></P></TD>
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<P id=PARA146.3 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0-11392</FONT></P></TD>
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<P id=PARA146.5 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: right; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">57-0525804&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></FONT></TD></TR>
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<P id=PARA146.6 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State or other jurisdiction</FONT></P></TD>
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<P id=PARA146.8 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission</FONT></P></TD>
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<P id=PARA146.10 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: right; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS Employer&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD></TR>
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<TD style="WIDTH: 32%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of incorporation)</TD>
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<TD style="WIDTH: 32%; TEXT-ALIGN: center">File Number)&nbsp;</TD>
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<TD style="WIDTH: 32%; TEXT-ALIGN: right">Identification No.)</TD></TR>
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<TD style="WIDTH: 32%; BORDER-BOTTOM: #000000 1px solid" colSpan=3>70 Commerce Center, Greenville, South Carolina </TD>
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<TD style="WIDTH: 32%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right">29615&nbsp; &nbsp;&nbsp; &nbsp;</TD></TR>
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<TD style="WIDTH: 32%" colSpan=3>(Address of principal executive offices) </TD>
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<TD style="WIDTH: 32%; TEXT-ALIGN: right">(Zip Code) &nbsp; </TD></TR></TABLE>
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<P id=PARA149 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">(864) 288-8877</P></TD></TR></TABLE>
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<P id=PARA147 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">N/A</P></TD></TR></TABLE>
<P id=PARA29 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Former name or former address, if changed since last report.)</FONT></P>
<P id=PARA30 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA32 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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:</FONT></P>
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<P id=PARA34 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P id=PARA35 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA36 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P id=PARA37 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA38 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P id=PARA39 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA40 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
<P id=PARA41 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA42 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA43 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 450 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-1 of this chapter).</FONT></P>
<P id=PARA44 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA45 style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 69.2%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ]</FONT></P>
<P id=PARA46 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA47 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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;[ ]</FONT></P>
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<P id=PARA50 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Introductory Note</B></FONT></P>
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<P id=PARA52 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As previously disclosed in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the &#8220;<I><B>SEC</B></I>&#8221;) on May 1, 2017 by Span-America Medical Systems, Inc., a South Carolina corporation (the &#8220;<I><B>Company</B></I>&#8221;), on May 1, 2017, the Company entered into an Agreement and Plan of Merger (the &#8220;<I><B>Merger Agreement</B></I>&#8221;) with Savaria Corporation, an Alberta, Canada corporation (&#8220;<I><B>Parent</B></I>&#8221;), and Savaria (SC) Inc., a South Carolina corporation and a wholly owned indirect subsidiary of Parent (&#8220;<I><B>Merger Sub</B></I>&#8221;), providing for the acquisition of the Company by Parent in an all cash transaction, consisting of a tender offer (the&nbsp;&#8220;<I><B>Offer</B></I>&#8221;), followed by a subsequent back-end merger of Merger Sub with and into the Company (the &#8220;<I><B>Merger</B></I>&#8221;), with the Company surviving the Merger as a wholly owned indirect subsidiary of Parent.</FONT></P>
<P id=PARA53 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</FONT></P>
<P id=PARA54 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the Merger Agreement, on May 17, 2017, Merger Sub commenced (within the meaning of Rule 14d-2 promulgated under the Securities Exchange Act of 1934, as amended (the &#8220;<I><B>Exchange Act</B></I>&#8221;)) a tender offer (the &#8220;<I><B>Offer</B></I>&#8221;) to acquire all of the outstanding shares of Common Stock (the &#8220;<I><B>Shares</B></I>&#8221;) for $29.00 per Share (the &#8220;<I><B>Offer Price</B></I>&#8221;) in cash, net of applicable withholding taxes and without interest, upon the terms and subject to conditions set forth in the offer to purchase, the related letter of transmittal and other related materials, each dated May 17, 2017 and in each case as amended or supplemented from time to time.</FONT></P>
<P id=PARA55 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA56 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Offer expired at 5:00 p.m., New York City time, on June 15, 2017 (the &#8220;<I><B>Expiration Time</B></I>&#8221;). All conditions to the Offer were satisfied, and the Offer was not extended. American Stock Transfer &amp; Trust Company, in its capacity as the depositary for the Offer (the &#8220;<I><B>Depositary</B></I>&#8221;), has advised the Company and Merger Sub that, as of the Expiration Time, 2,406,035 Shares (excluding Shares with respect to which notices of guaranteed delivery were delivered but which Shares were not yet delivered) had been validly tendered and not validly withdrawn pursuant to the Offer, which represented approximately 87.0% of the outstanding Shares as of the Expiration Time. The number of Shares (excluding Shares with respect to which notices of guaranteed delivery were delivered but which Shares were not yet delivered) tendered satisfied the Minimum Condition (as such term is defined in the Merger Agreement). As the Minimum Condition and each of the other conditions to the Offer have been satisfied or waived, on June 15, 2017, Merger Sub accepted for payment all such Shares validly tendered and not validly withdrawn pursuant to the Offer on or prior to the Expiration Time and will promptly pay for such Shares in accordance with the terms and subject to the conditions of the Offer.</FONT></P>
<P id=PARA57 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA58 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As a result of its acceptance of the Shares (i) tendered in the Offer and (ii) received by Merger Sub pursuant to its exercise of the Top-Up Option (as such term is defined in the Merger Agreement), Merger Sub acquired a sufficient number of Shares to complete the Merger without a vote of the shareholders of the Company pursuant to Section 33-11-108 of the South Carolina Business Corporation Act of 1988, as amended (the &#8220;<I><B>SCBCA</B></I>&#8221;). Accordingly, on June 16, 2017, the Company and Merger Sub effected the Merger pursuant to Section 33-11-108 of the SCBCA. Pursuant to the Merger Agreement, in the Merger, each Share that was issued and outstanding immediately prior to the Effective Time (as such term is defined in the Merger Agreement) (other than (i) Shares owned by Parent or Merger Sub; (ii) Shares held by the Company or (iii) Dissenting Shares (as such term is defined in the Merger Agreement)) were by virtue of the Merger and without any action on the part of the holder thereof, automatically cancelled and converted into the right to receive an amount in cash, payable to the holder thereof, without any interest thereon, equal to the Offer Price, net to the seller thereof in cash.</FONT></P>
<P id=PARA59 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA60 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The foregoing description of the Merger Agreement and the transactions contemplated by the Merger Agreement (including the Merger and the Offer) is only a summary and is subject to, and qualified in its entirety by reference to, the full text of the Merger Agreement, which was previously filed as Exhibit 2.1 to the Company&#8217;s Current Report on Form 8-K filed with the SEC on May 1, 2017 and is incorporated by reference herein as Exhibit 2.1 to this Current Report on Form 8-K.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA62 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1.0</B><B>2</B><B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of a Material Definitive Agreement.</B></FONT></P>
<P id=PARA63 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA64 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information provided in the Introductory Note and Item 2.01 below are incorporated herein by reference.&nbsp;</FONT></P>
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<P id=PARA66 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In connection with the consummation of the Merger, TD Bank, N.A., (&#8220;TD Bank&#8221;) the lender under the </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amended &amp; Restated Loan Agreement dated December 9, 2011, as amended, by and between the Company and TD Bank (the &#8220;Credit Facility&#8221;) notified the Company that the Credit Facility was terminated. No amounts were outstanding under the Credit Facility at the time it was terminated.</FONT></P>
<P id=PARA67 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P>
<P id=PARA69 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 2.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of Acquisition or Dispositions of Assets.</B></FONT></P>
<P id=PARA70 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA71 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information provided in the Introductory Note is incorporated herein by reference.</FONT></P>
<P id=PARA72 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA73 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As described in the Introductory Note above, on June 15, 2017, Merger Sub accepted for payment all Shares validly tendered and not validly withdrawn pursuant to the Offer on or prior to the Expiration Time and will promptly pay for such Shares in accordance with the terms and subject to the conditions of the Offer. Shortly thereafter, the Merger was completed pursuant to Section 33-11-108 of the SCBCA, with no Company shareholder vote required to consummate the Merger. In connection therewith, at the Effective Time, the Company became an indirect, wholly-owned subsidiary of Parent. As a result, a change of control of the Company occurred.</FONT></P>
<P id=PARA74 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA75 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The foregoing description of the Merger Agreement and the transactions contemplated by the Merger Agreement (including the Merger and the Offer) is only a summary and is subject to, and qualified in its entirety by reference to, the full text of the Merger Agreement, which was previously filed as Exhibit 2.1 to the Company&#8217;s Current Report on Form 8-K filed with the SEC on May 1, 2017 and is incorporated by reference herein as Exhibit 2.1 to this Current Report on Form 8-K.</FONT></P>
<P id=PARA76 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA151 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</B></FONT></P>
<P id=PARA81 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA82 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information provided in the Introductory Note, Item 2.01 and Item 5.01 is incorporated herein by reference.</FONT></P>
<P id=PARA83 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA84 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On June 16, 2017, in connection with the consummation of the Offer and the Merger, the Company (i)&nbsp;notified the NASDAQ Global Market (&#8220;<I><B>NASDAQ</B></I>&#8221;) of the consummation of the Merger and (ii)&nbsp;requested that NASDAQ (x) suspend trading of the Shares effective before the opening of trading on June 19, 2017, and (y) file with the SEC a Form 25 Notification of Removal from Listing and/or Registration to delist and deregister the Shares under Section 12(b) of the Exchange Act. Parent intends to cause to be filed with the SEC, on behalf of the Company, a Form 15 requesting that the Shares be deregistered under Section 12(g) of the Exchange Act and that the Company&#8217;s reporting obligations under Sections 13 and 15(d) of the Exchange Act be terminated.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA152.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK152  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR152  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM152  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">3</DIV>
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<DIV id=PGHDR152  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA152.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA86 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities.</B></FONT></P>
<P id=PARA87 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA88 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information provided in the Introductory Note and Item 2.01 is incorporated herein by reference.</FONT></P>
<P id=PARA89 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA90 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On June 15, 2017, the Company issued and sold 1,290,626 Shares (the &#8220;<I><B>Top-Up Shares</B></I>&#8221;) to Merger Sub, which resulted in Merger Sub owning more than 90% of the outstanding Shares on a fully-diluted basis, in exchange for a Promissory Note (as such term is defined in the Merger Agreement) in the principal amount of US$37,428,154.00, reflecting the purchase price of the Top-Up Shares. The Top-Up Shares were issued and sold pursuant to Merger Sub&#8217;s decision to exercise the Top-Up Option. The issuance and sale of the Top-Up Shares were exempt from the registration requirements of the Securities Act of 1933, as amended (the &#8220;<I><B>Securities Act</B></I>&#8221;), pursuant to Section 4(a)(2) of the Securities Act, as it did not involve a public offering of securities.</FONT></P>
<P id=PARA91 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA92 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Modification to Rights of Security Holders.</B></FONT></P>
<P id=PARA93 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA94 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information provided in the Introductory Note and Items 2.01, 3.01 and 5.01 is incorporated herein by reference.</FONT></P>
<P id=PARA95 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA96 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 5.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in Control of Registrant.</B></FONT></P>
<P id=PARA97 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA98 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information provided in the Introductory Note and Items 2.01, 3.01, 3.03 and 5.02 is incorporated herein by reference.</FONT></P>
<P id=PARA99 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA100 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As a result of the closing of the Offer, a change of control of the Company occurred on June 15, 2017, and as a result of the Merger, the Company became an indirect, wholly-owned subsidiary of Parent on June 16, 2017. The total amount of the consideration payable in connection with the change in control transaction, including the Offer and the Merger, is approximately $80.2 million. Parent has provided Merger Sub with sufficient funds to purchase all Shares accepted for payment in the Offer and to pay the consideration payable in the Merger.</FONT></P>
<P id=PARA101 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TR>
<TD style="HEIGHT: 0px; WIDTH: 54pt; VERTICAL-ALIGN: top" noWrap>
<P id=PARA161><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item </FONT><B>5.02.&nbsp;</B></B></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA162><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></P></FONT></B></TD></TR></TABLE>
<P id=PARA106 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA107 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information provided in the Introductory Note and Item 2.01 is incorporated herein by reference.</FONT></P>
<P id=PARA108 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA109 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the terms of the Merger Agreement, as of June 16, 2017, the sole member of the board of directors of Merger Sub immediately prior to the Effective Time became the sole member of the board of directors of the Company as of the Effective Time. The new member of the Company&#8217;s board of directors is Mr. Marcel Bourassa. Information about Mr. Bourassa has been previously disclosed on Schedule I of the Offer to Purchase filed with the Parent and Merger Sub&#8217;s Tender Offer Statement on Schedule TO on May 17, 2017 and in the Company&#8217;s Solicitation/Recommendation Statement on Schedule 14D-9 filed with the SEC on May 17, 2017, which information is incorporated herein by reference. On June 16, 2017, each member of the Company&#8217;s board of directors ceased to be a member of the Company&#8217;s board of directors and a member of the committees of the Company&#8217;s board of directors as of the Effective Time.</FONT></P>
<P id=PARA110 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA111 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the terms of the Merger Agreement, as of June 16, 2017, each of the officers of Merger Sub immediately prior to the Effective Time became the officers of the surviving corporation of the Merger. As a result, Mr. Bourassa was appointed as President of the Company. Information about Mr. Bourassa has been previously disclosed on Schedule I of the Offer to Purchase as filed with the Parent and Merger Sub&#8217;s Tender Offer Statement on Schedule TO on May 17, 2017 and in the Company&#8217;s Solicitation/Recommendation Statement on Schedule 14D-9 filed with the SEC on May 17, 2017, which information is incorporated herein by reference. As of the Effective Time, all of the Company&#8217;s executive officers will cease to be executive officers of the Company.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA153.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR153  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM153  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">4</DIV>
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<DIV id=PGHDR153  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA153.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA113 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</B></FONT></P>
<P id=PARA114 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">(d)</TD>
<TD style="VERTICAL-ALIGN: top">Exhibits</TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA119 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2.1</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA120 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Agreement and Plan of Merger, dated May 1, 2017, by and among Span-America Medical Systems, Inc., Savaria Corporation and Savaria (SC) Inc. (incorporated by reference to Exhibit 2.1 to Span-America Medical Systems, Inc.&#8217;s Current Report on Form 8-K filed with the SEC on May 1, 2017)</FONT></P></TD></TR></TABLE>
<P id=PARA121.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR121  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM121  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">5</DIV>
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<DIV id=PGHDR121  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA121.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA122 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>SIGNATURES</B></U></FONT></P>
<P id=PARA123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA124 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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.</FONT></P>
<P id=PARA125 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 50%">
<P id=PARA155 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 50%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA156 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">SPAN-AMERICA MEDICAL SYSTEMS, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD>
<P id=PARA157 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD>
<P id=PARA158 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">(Registrant)</P></TD></TR>
<TR>
<TD>
<P id=PARA159 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD>
<P id=PARA160 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD>Date: June 16, 2017</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD style="TEXT-ALIGN: right">By:&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid">/s/ Marcel Bourassa&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>Marcel Bourassa</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>President</TD></TR></TABLE>
<P id=PARA126 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA135 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 54pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -54pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Exhibits</B></U></FONT></P>
<P id=PARA136 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 54pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -54pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 54pt; VERTICAL-ALIGN: top">
<P id=PARA139 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2.1</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA140 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Agreement and Plan of Merger, dated May 1, 2017, by and among Span-America Medical Systems, Inc., Savaria Corporation and Savaria (SC) Inc. (incorporated by reference to Exhibit 2.1 to Span-America Medical Systems, Inc.&#8217;s Current Report on Form 8-K filed with the SEC on May 1, 2017)</FONT></P></TD></TR></TABLE>
<P id=PARA141 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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span20170616_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)
June 16, 2017
SPAN-AMERICA MEDICAL SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
South Carolina
0-11392
57-0525804
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
70 Commerce Center, Greenville, South Carolina
29615
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(864) 288-8877
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:
[ ] 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 450 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-1 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.  [ ]
Introductory Note
As previously disclosed in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "
SEC
") on May 1, 2017 by Span-America Medical Systems, Inc., a South Carolina corporation (the "
Company
"), on May 1, 2017, the Company entered into an Agreement and Plan of Merger (the "
Merger Agreement
") with Savaria Corporation, an Alberta, Canada corporation ("
Parent
"), and Savaria (SC) Inc., a South Carolina corporation and a wholly owned indirect subsidiary of Parent ("
Merger Sub
"), providing for the acquisition of the Company by Parent in an all cash transaction, consisting of a tender offer (the "
Offer
"), followed by a subsequent back-end merger of Merger Sub with and into the Company (the "
Merger
"), with the Company surviving the Merger as a wholly owned indirect subsidiary of Parent.
Pursuant to the Merger Agreement, on May 17, 2017, Merger Sub commenced (within the meaning of Rule 14d-2 promulgated under the Securities Exchange Act of 1934, as amended (the "
Exchange Act
")) a tender offer (the "
Offer
") to acquire all of the outstanding shares of Common Stock (the "
Shares
") for $29.00 per Share (the "
Offer Price
") in cash, net of applicable withholding taxes and without interest, upon the terms and subject to conditions set forth in the offer to purchase, the related letter of transmittal and other related materials, each dated May 17, 2017 and in each case as amended or supplemented from time to time.
The Offer expired at 5:00 p.m., New York City time, on June 15, 2017 (the "
Expiration Time
"). All conditions to the Offer were satisfied, and the Offer was not extended. American Stock Transfer & Trust Company, in its capacity as the depositary for the Offer (the "
Depositary
"), has advised the Company and Merger Sub that, as of the Expiration Time, 2,406,035 Shares (excluding Shares with respect to which notices of guaranteed delivery were delivered but which Shares were not yet delivered) had been validly tendered and not validly withdrawn pursuant to the Offer, which represented approximately 87.0% of the outstanding Shares as of the Expiration Time. The number of Shares (excluding Shares with respect to which notices of guaranteed delivery were delivered but which Shares were not yet delivered) tendered satisfied the Minimum Condition (as such term is defined in the Merger Agreement). As the Minimum Condition and each of the other conditions to the Offer have been satisfied or waived, on June 15, 2017, Merger Sub accepted for payment all such Shares validly tendered and not validly withdrawn pursuant to the Offer on or prior to the Expiration Time and will promptly pay for such Shares in accordance with the terms and subject to the conditions of the Offer.
As a result of its acceptance of the Shares (i) tendered in the Offer and (ii) received by Merger Sub pursuant to its exercise of the Top-Up Option (as such term is defined in the Merger Agreement), Merger Sub acquired a sufficient number of Shares to complete the Merger without a vote of the shareholders of the Company pursuant to Section 33-11-108 of the South Carolina Business Corporation Act of 1988, as amended (the "
SCBCA
"). Accordingly, on June 16, 2017, the Company and Merger Sub effected the Merger pursuant to Section 33-11-108 of the SCBCA. Pursuant to the Merger Agreement, in the Merger, each Share that was issued and outstanding immediately prior to the Effective Time (as such term is defined in the Merger Agreement) (other than (i) Shares owned by Parent or Merger Sub; (ii) Shares held by the Company or (iii) Dissenting Shares (as such term is defined in the Merger Agreement)) were by virtue of the Merger and without any action on the part of the holder thereof, automatically cancelled and converted into the right to receive an amount in cash, payable to the holder thereof, without any interest thereon, equal to the Offer Price, net to the seller thereof in cash.
The foregoing description of the Merger Agreement and the transactions contemplated by the Merger Agreement (including the Merger and the Offer) is only a summary and is subject to, and qualified in its entirety by reference to, the full text of the Merger Agreement, which was previously filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on May 1, 2017 and is incorporated by reference herein as Exhibit 2.1 to this Current Report on Form 8-K.
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Item 1.0
2
.     Termination of a Material Definitive Agreement.
The information provided in the Introductory Note and Item 2.01 below are incorporated herein by reference.
In connection with the consummation of the Merger, TD Bank, N.A., ("TD Bank") the lender under the
Amended & Restated Loan Agreement dated December 9, 2011, as amended, by and between the Company and TD Bank (the "Credit Facility") notified the Company that the Credit Facility was terminated. No amounts were outstanding under the Credit Facility at the time it was terminated.
Item 2.01.     Completion of Acquisition or Dispositions of Assets.
The information provided in the Introductory Note is incorporated herein by reference.
As described in the Introductory Note above, on June 15, 2017, Merger Sub accepted for payment all Shares validly tendered and not validly withdrawn pursuant to the Offer on or prior to the Expiration Time and will promptly pay for such Shares in accordance with the terms and subject to the conditions of the Offer. Shortly thereafter, the Merger was completed pursuant to Section 33-11-108 of the SCBCA, with no Company shareholder vote required to consummate the Merger. In connection therewith, at the Effective Time, the Company became an indirect, wholly-owned subsidiary of Parent. As a result, a change of control of the Company occurred.
The foregoing description of the Merger Agreement and the transactions contemplated by the Merger Agreement (including the Merger and the Offer) is only a summary and is subject to, and qualified in its entirety by reference to, the full text of the Merger Agreement, which was previously filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on May 1, 2017 and is incorporated by reference herein as Exhibit 2.1 to this Current Report on Form 8-K.
Item 3.01.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The information provided in the Introductory Note, Item 2.01 and Item 5.01 is incorporated herein by reference.
On June 16, 2017, in connection with the consummation of the Offer and the Merger, the Company (i) notified the NASDAQ Global Market ("
NASDAQ
") of the consummation of the Merger and (ii) requested that NASDAQ (x) suspend trading of the Shares effective before the opening of trading on June 19, 2017, and (y) file with the SEC a Form 25 Notification of Removal from Listing and/or Registration to delist and deregister the Shares under Section 12(b) of the Exchange Act. Parent intends to cause to be filed with the SEC, on behalf of the Company, a Form 15 requesting that the Shares be deregistered under Section 12(g) of the Exchange Act and that the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act be terminated.
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Item 3.02.     Unregistered Sales of Equity Securities.
The information provided in the Introductory Note and Item 2.01 is incorporated herein by reference.
On June 15, 2017, the Company issued and sold 1,290,626 Shares (the "
Top-Up Shares
") to Merger Sub, which resulted in Merger Sub owning more than 90% of the outstanding Shares on a fully-diluted basis, in exchange for a Promissory Note (as such term is defined in the Merger Agreement) in the principal amount of US$37,428,154.00, reflecting the purchase price of the Top-Up Shares. The Top-Up Shares were issued and sold pursuant to Merger Sub's decision to exercise the Top-Up Option. The issuance and sale of the Top-Up Shares were exempt from the registration requirements of the Securities Act of 1933, as amended (the "
Securities Act
"), pursuant to Section 4(a)(2) of the Securities Act, as it did not involve a public offering of securities.
Item 3.03.     Material Modification to Rights of Security Holders.
The information provided in the Introductory Note and Items 2.01, 3.01 and 5.01 is incorporated herein by reference.
Item 5.01.     Changes in Control of Registrant.
The information provided in the Introductory Note and Items 2.01, 3.01, 3.03 and 5.02 is incorporated herein by reference.
As a result of the closing of the Offer, a change of control of the Company occurred on June 15, 2017, and as a result of the Merger, the Company became an indirect, wholly-owned subsidiary of Parent on June 16, 2017. The total amount of the consideration payable in connection with the change in control transaction, including the Offer and the Merger, is approximately $80.2 million. Parent has provided Merger Sub with sufficient funds to purchase all Shares accepted for payment in the Offer and to pay the consideration payable in the Merger.
Item
5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The information provided in the Introductory Note and Item 2.01 is incorporated herein by reference.
Pursuant to the terms of the Merger Agreement, as of June 16, 2017, the sole member of the board of directors of Merger Sub immediately prior to the Effective Time became the sole member of the board of directors of the Company as of the Effective Time. The new member of the Company's board of directors is Mr. Marcel Bourassa. Information about Mr. Bourassa has been previously disclosed on Schedule I of the Offer to Purchase filed with the Parent and Merger Sub's Tender Offer Statement on Schedule TO on May 17, 2017 and in the Company's Solicitation/Recommendation Statement on Schedule 14D-9 filed with the SEC on May 17, 2017, which information is incorporated herein by reference. On June 16, 2017, each member of the Company's board of directors ceased to be a member of the Company's board of directors and a member of the committees of the Company's board of directors as of the Effective Time.
Pursuant to the terms of the Merger Agreement, as of June 16, 2017, each of the officers of Merger Sub immediately prior to the Effective Time became the officers of the surviving corporation of the Merger. As a result, Mr. Bourassa was appointed as President of the Company. Information about Mr. Bourassa has been previously disclosed on Schedule I of the Offer to Purchase as filed with the Parent and Merger Sub's Tender Offer Statement on Schedule TO on May 17, 2017 and in the Company's Solicitation/Recommendation Statement on Schedule 14D-9 filed with the SEC on May 17, 2017, which information is incorporated herein by reference. As of the Effective Time, all of the Company's executive officers will cease to be executive officers of the Company.
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Item 9.01.     Financial Statements and Exhibits.
(d)
Exhibits
2.1
Agreement and Plan of Merger, dated May 1, 2017, by and among Span-America Medical Systems, Inc., Savaria Corporation and Savaria (SC) Inc. (incorporated by reference to Exhibit 2.1 to Span-America Medical Systems, Inc.'s Current Report on Form 8-K filed with the SEC on May 1, 2017)
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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.
SPAN-AMERICA MEDICAL SYSTEMS, INC.
(Registrant)
Date: June 16, 2017
By:
/s/ Marcel Bourassa
Marcel Bourassa
President
Exhibits
2.1
Agreement and Plan of Merger, dated May 1, 2017, by and among Span-America Medical Systems, Inc., Savaria Corporation and Savaria (SC) Inc. (incorporated by reference to Exhibit 2.1 to Span-America Medical Systems, Inc.'s Current Report on Form 8-K filed with the SEC on May 1, 2017)