# EDGAR Filing Document

**Accession Number:** 0000055529
**File Stem:** 0000055529-25-000048
**Filing Date:** 2025-12
**Character Count:** 42481
**Document Hash:** 7a2e75d3172dd37de7fedc72e7910660
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000055529-25-000048.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0000055529-25-000048

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251204

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEWAUNEE SCIENTIFIC CORP /DE/
- **CENTRAL INDEX KEY:** 0000055529
- **STANDARD INDUSTRIAL CLASSIFICATION:** LABORATORY APPARATUS & FURNITURE [3821]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 380715562
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-05286
- **FILM NUMBER:** 251550446

**BUSINESS ADDRESS:**
- **STREET 1:** 2700 W FRONT ST
- **CITY:** STATESVILLE
- **STATE:** NC
- **ZIP:** 28677
- **BUSINESS PHONE:** 7048737202

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 1842
- **CITY:** STATESVILLE
- **STATE:** NC
- **ZIP:** 28687-1842

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KEWAUNEE SCIENTIFIC EQUIPMENT CORP /DE/
- **DATE OF NAME CHANGE:** 19861216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KEWAUNEE MANUFACTURING CO
- **DATE OF NAME CHANGE:** 19680108

?xml version='1.0' encoding='ASCII'? kequ-20251204

**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): December 4, 2025**

**Kewaunee Scientific Corporation**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-5286** | **38-0715562** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission File<br>Number)** | **(IRS Employer<br>Identification No.)** |

---

**2700 West Front Street**

**Statesville, NC 28677**

**(Address of principal executive offices) (Zip Code)**

**Registrant's telephone number, including area code: (704) 873-7202**

**N/A**

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

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, $2.50 par value** | **KEQU** | **The Nasdaq Global Market** |

---

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 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. ☐

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**Item 1.01 Entry into a Material Definitive Agreement.**

On December 4, 2025, Kewaunee Scientific Corporation (the "Company") entered into a First Amendment to Loan Agreement (the "First Amendment") with PNC Bank, National Association ("PNC"). The First Amendment amends the Loan Agreement, dated as of November 1, 2024 (the "Loan Agreement"), between the Company and PNC to, among other things, (i) permit the Company to repay in full the outstanding principal balances of the subordinated seller notes issued by the Company in connection with its acquisition of Nu Aire, Inc. ("Nu Aire") in November 2024 (collectively, the "Seller Notes"), together with all accrued but unpaid interest thereon (the "Seller Note Repayment"), (ii) provide for an additional $10.0 million term loan the proceeds of which are to be used by the Company to partially fund the Seller Note Repayment, and (iii) permit the Company to draw and use available funds under the revolving line of credit established by the Loan Agreement to partially fund the Seller Note Repayment.

The foregoing summary of the First Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the First Amendment filed as Exhibit 10.1 of this Current Report on Form 8-K, which is incorporated by reference into this Item 1.01.

**Item 1.02 Termination of a Material Definitive Agreement.**

On December 4, 2025, the Company completed the Seller Note Repayment. The Seller Notes were entered into on November 1, 2024 by and between the Company and each of Richard A. Peters, William F. Peters, Rita Peters Revocable Trust, and any amendments thereto, Richard A. Peters Revocable Trust, and any amendments thereto, Karan A. Peters Revocable Trust, William F. Peters 2023 Irrevocable Trust dated December 20, 2023, and any amendments thereto, and William F. Peters Revocable Trust, and any amendments thereto (collectively, the "Sellers"), in connection with the Company's acquisition of Nu Aire from the Sellers. The Seller Notes had an original outstanding principal balance of $23.0 million and accrued interest at 8% *per annum*. The Seller Notes were scheduled to mature on November 1, 2027. Pursuant to the terms of the Seller Notes, the Seller Notes could be prepaid, in full or in part, at any time without prepayment penalty, premium or other fee. Upon completion of the Seller Note Repayment, all obligations, covenants, debts and liabilities of the Company under the Seller Notes were satisfied and discharged in full, and the Seller Notes and all other documents entered into in connection with the Seller Notes were terminated.

**Item2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a** 

&nbsp;&nbsp;&nbsp;&nbsp;**Registrant.**

The information set forth under Item 1.01 above is hereby incorporated by reference into this Item 2.03.

**Item 7.01 Regulation FD Disclosure.**

On December 4, 2025, the Company issued a press release announcing the entrance into the First Amendment and the completion of the Seller Note Repayment. A copy of the press release is attached hereto as Exhibit 99.1.

The information under Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exhibits**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Exhibit No.</u>** | &nbsp;&nbsp;**<u>Description</u>** |
| &nbsp;&nbsp;10.1 | <u>[First Amendment to Loan Agreement, dated December 4, 2025, by and between Kewaunee Scientific Corporation and PNC Bank, National Association.](pnc-kewauneexfirstamendm.htm)</u> |
| &nbsp;&nbsp;99.1 | <u>[Press Release of Kewaunee Scientific Corporation dated December 4, 2025.](pr12525.htm)</u> |
| &nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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SIGNATURE

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 thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | KEWAUNEE SCIENTIFIC CORPORATION<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant) | KEWAUNEE SCIENTIFIC CORPORATION<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant) |
| Date: December 4, 2025 | By | /s/ Donald T. Gardner III |
| | | Donald T. Gardner III |
| | | Vice President, Finance |
| | | Chief Financial Officer |

---

## Exhibit 10.1

![](pnc-kewauneexfirstamendm001.jpg)

Form 17A – Multistate Rev. 4/25 First Amendment to Loan Agreement THIS FIRST AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of December 4, 2025, by and between KEWAUNEE SCIENTIFIC CORPORATION, a Delaware corporation (the "Borrower"), and PNC BANK, NATIONAL ASSOCIATION (the "Bank"). BACKGROUND WHEREAS, the Borrower and the Bank are parties to that certain Loan Agreement, dated as of November 1, 2024 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Loan Agreement"), which, together with the Loan Documents (as such term is defined in the Loan Agreement) evidences or secures some or all of the indebtedness and other obligations of the Borrower to the Bank for one or more loans or other extensions of credit (as used herein, collectively, together with the Obligations, if and as defined in the Loan Documents, the "Obligations"). Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the Loan Agreement; WHEREAS, the Borrower desires to repay the outstanding principal balances of the Subordinated Seller Notes in full, together with all accrued but unpaid interest thereon, on the date hereof (the "Seller Note Repayment") and has requested that the Bank: (a) consent to such repayment, (b) provide a $10,000,000 term loan to partially fund the Seller Note Repayment (the "First Amendment Term Loan"), and (c) permit the Borrower to draw and use available funds under the Line of Credit to partially fund the Seller Note Repayment; WHEREAS, the Bank is willing to: (a) consent to the Seller Note Repayment, (b) provide the First Amendment Term Loan, and (c) amend the Loan Agreement, in each case subject to the terms and conditions set forth herein; NOW, THEREFORE, in consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as follows: 1. The Loan Agreement is hereby amended as set forth in Exhibit A. Any and all references to the Loan Agreement in any Loan Document shall be deemed to refer to the Loan Agreement as amended by this Amendment. This Amendment is deemed incorporated into each of the Loan Documents. To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision in any Loan Document, the terms and provisions of this Amendment shall control. 2. Notwithstanding anything to the contrary contained in the Subordination Agreements, upon satisfaction of each of the conditions to the effectiveness of this Amendment, the Bank hereby consents to the Seller Note Repayment on the date hereof. 3. The Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents (including the Loan Agreement as amended by this Amendment), are, except as may otherwise be stated in this Amendment: (i) true and correct in all material respects as of the date of this Amendment (and in all respects if such representations and warranties are qualified by materiality) except to the extent such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date (and in all respects if such representations and warranties are qualified by materiality), (ii) [reserved], and (iii) incorporated into this Amendment by reference, (b) no Event of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default, exists under any Loan

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![](pnc-kewauneexfirstamendm002.jpg)

- 2 - Form 17A – Multistate Rev. 4/25 Document which will not be cured by the execution and effectiveness of this Amendment, (c) no consent, approval, order or authorization of, or registration or filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors' rights generally and to general principles of equity. 4. The Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by the Borrower or third parties (if applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all of the Borrower's existing and future Obligations to the Bank, as modified by this Amendment. 5. As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions (if any) specified in Exhibit A. 6. [Reserved]. 7. This Amendment may be signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart. Upon written request by the other party (which may be made by electronic mail), any party so executing this Amendment by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission. 8. Notwithstanding any other provision herein or in the other Loan Documents, the Borrower agrees that this Amendment, the Loan Documents, any other amendments thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a "Communication") may, at the Bank's option, be in the form of an electronic record. Any Communication may, at the Bank's option, be signed or executed using electronic signatures. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention. The Borrower and the Bank acknowledge and agree that the methods for delivering Communications, including notices, under the Loan Documents include electronic transmittal to any electronic address provided by either party to the other party from time to time. 9. The Bank may modify this Amendment for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail). 10. This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators, successors and assigns. 11. This Amendment will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State identified in and governing the Loan Agreement (the "State"), excluding its conflict of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in such State (or, to the extent controlling, the laws of the United States of America, including without limitation the Electronic Signatures in Global and National Commerce Act). This Amendment has been delivered to and accepted by the Bank and will be deemed to be made in the State. 12. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full force and effect unless and until modified or amended in writing in accordance with

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![](pnc-kewauneexfirstamendm003.jpg)

- 3 - Form 17A – Multistate Rev. 4/25 their terms, and are hereby ratified and confirmed. Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Bank's rights and remedies (all of which are hereby reserved). The Borrower expressly ratifies and confirms the confession of judgment (if applicable) and dispute resolution, waiver of jury trial or arbitration provisions, as applicable, contained in the Loan Documents, all of which are incorporated herein by reference. REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

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![](pnc-kewauneexfirstamendm004.jpg)

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![](pnc-kewauneexfirstamendm006.jpg)

- 5 - Form 17A – Multistate Rev. 4/25 EXHIBIT A TO FIRST AMENDMENT TO LOAN AGREEMENT DATED AS OF DECEMBER 4, 2025 A. Amendment(s). The Loan Agreement is amended as follows: 1. Section 1 of the Loan Agreement is hereby amended and restated to read as follows: "1. Loan. The Bank has made or may make one or more loans (each, a "Loan" and collectively, the "Loans") to the Borrower subject to the terms and conditions and in reliance upon the representations and warranties of the Borrower set forth in this Agreement. Each Loan shall be used for business purposes (and not for personal, family or household use) and is or will be evidenced by a promissory note or notes of the Borrower and all renewals, extensions, amendments and restatements thereof (collectively, the "Notes") acceptable to the Bank, which shall set forth the interest rate, repayment and other provisions of the respective Loan, the terms of which are incorporated into this Agreement by reference. The Loans governed by this Agreement shall include the Loans specifically described below, if any, and any additional lines of credit or term loans that the Bank has made or may, in its sole discretion, make to the Borrower in the future. 1.1. Line of Credit. One of the Loans governed by this Agreement is a committed senior secured revolving line of credit facility under which the Borrower may request and the Bank will make advances to the Borrower from time to time, and the Borrower may borrow, repay, and reborrow, subject to the terms and conditions of this Agreement and the Revolving Line of Credit Note dated of even date herewith (the "Line of Credit Note"), until the Expiration Date, in an aggregate amount outstanding at any time not to exceed $20,000,000.00, with an option to increase the facility upon request by the Borrower and approval by the Bank, in its discretion, by an additional $10,000,000 (the "Line of Credit"). The "Expiration Date" shall have the meaning set forth in the Line of Credit Note. The Borrower acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Line of Credit beyond the Expiration Date. In no event shall the aggregate unpaid principal amount of advances under the Line of Credit exceed the maximum amount of the Line of Credit. All advances and other credit extensions under the Line of Credit will be used by the Borrower for (i) a portion of the consideration for the Closing Date Acquisition on the Effective Date, (ii) a portion of the amount of the Seller Note Repayment to be made on the First Amendment Effective Date, and (iii) working capital or other general business purposes of the Borrower. 1.1.1. The Line of Credit will include an investment and borrowing sweep feature on the terms and conditions of a Line of Credit and Investment Sweep Rider (the "Sweep Rider") to be executed and delivered by the Borrower to the Bank, in form and substance satisfactory to the Bank, the terms of which are hereby incorporated herein by reference. The Sweep Rider will remain in effect until such time (if any) as it is terminated in accordance with its terms. 1.2. Term Loan. One of the Loans governed by this Agreement is a term loan in the principal amount of $15,000,000.00 (the "Term Loan"). The proceeds of the Term Loan will be used to finance a portion of the consideration for the Closing Date Acquisition on the Effective Date. The obligation of the Borrower to repay the Term Loan shall be evidenced by that certain Term Note of the Borrower dated of even date herewith (the "Term Note") in the principal amount of $15,000,000.00. 1.3. First Amendment Term Loan. One of the Loans governed by this Agreement is a term loan in the principal amount of $10,000,000.00 (the "First Amendment Term Loan"). The proceeds of the First Amendment Term Loan will be used to finance a portion of the consideration for the Seller Note Repayment on the First Amendment Effective Date. The obligation of the Borrower to repay the First Amendment Term Loan shall

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![](pnc-kewauneexfirstamendm007.jpg)

- 6 - Form 17A – Multistate Rev. 4/25 be evidenced by that certain First Amendment Term Note of the Borrower dated as of the First Amendment Effective Date (the "First Amendment Term Note") in the principal amount of $10,000,000.00. 1.4. Closing Commitment Fee. On or before the Effective Date, the Borrower will pay to the Bank a non-refundable commitment fee in an amount equal to $52,500.00 (the "Closing Commitment Fee"). 1.5. First Amendment Commitment Fee. On or before the First Amendment Effective Date, the Borrower will pay to the Bank a non-refundable commitment fee in an amount equal to $15,000.00 (the "First Amendment Commitment Fee"). 1.6. Unused Fee. The Borrower will pay to the Bank an Unused Fee (as defined in the Line of Credit Note) in such amounts and at such times described in the Line of Credit Note." 2. Section 3.18 of the Loan Agreement is hereby amended and restated to read as follows: "3.18. Subordination of Subordinated Debt. The Line of Credit, the Term Loan, the First Amendment Term Loan, and all other Obligations of the Loan Parties to the Bank under this Agreement and all other Loan Documents, and all amendments, modifications, extensions, renewals, refinancings or refundings of any of the foregoing, constitute "Senior Obligations" of the Loan Parties within the meaning of the Subordination Agreements, and the holders thereof from time to time shall be entitled to all of the rights of a holder of "Senior Obligations" pursuant to the Subordination Agreements." 3. Section 5.7 of the Loan Agreement is hereby amended and restated to read as follows: "5.7. Restricted Payments. Declare or pay any dividends on or make any distribution with respect to any class of its equity or ownership interest, or purchase, redeem, retire or otherwise acquire any of its equity (collectively, "Restricted Payments"), except Restricted Payments made after the Effective Date, provided that both before and after giving effect to each such Restricted Payment (A) the Borrower is in pro forma compliance with the financial covenants set forth in Section 4.8 and (B) no Event of Default has occurred and is continuing or would result therefrom." 4. Sub-Section 5.10(a) of the Loan Agreement is hereby amended and restated to read as follows: "(a) Payments of Subordinated Debt. Make or agree or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Subordinated Debt, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Subordinated Debt, except: (i) payments of principal at maturity and payments of regularly scheduled principal, interest and fees as and when due in respect of such Subordinated Debt, so long as (x) such payments are not prohibited by the applicable subordination provisions or subordination agreement to which such Subordinated Debt is subject and (y) no Event of Default has occurred and is continuing or would result therefrom, and (ii) the Seller Note Repayment." 5. Section 6.10 of the Loan Agreement is hereby amended and restated to read as follows: "6.10. Other Default. The occurrence of (i) an "Event of Default" as defined in the Notes or any of the other Loan Documents, (ii) a default or event of default under or as defined in any other agreement, instrument or document between the Borrower or any Guarantor and PNC Bank, National Association or any of its subsidiaries or affiliates, or (iii) a default or event of default under any other indebtedness of the Borrower or any Guarantor which exceeds $2,500,000, in each case, subject to any notice, grace, or cure periods as may be expressly set forth in the applicable documentation.."

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![](pnc-kewauneexfirstamendm008.jpg)

- 7 - Form 17A – Multistate Rev. 4/25 6. The following definitions are hereby added to Addendum I of the Loan Agreement in appropriate alphabetical order: ""First Amendment Commitment Fee" means the definition set forth in Section 1.5." ""First Amendment Effective Date" means December 4, 2025." ""First Amendment Term Loan" means the definition set forth in Section 1.3." ""First Amendment Term Note" means the definition set forth in Section 1.3." ""Seller Note Repayment" means the repayment in full of the aggregate principal balance of the Subordinated Seller Notes, together with all accrued but unpaid interest thereon, on the First Amendment Effective Date, which shall be funded with (a) the proceeds of the First Amendment Term Loan, (b) available funds under the Line of Credit, and (c) the Borrower's cash on hand." 7. The following definitions in Addendum I of the Loan Agreement are hereby amended and restated as follows: ""Closing Commitment Fee" means the definition set forth in Section 1.4." ""Fixed Charges" shall mean the sum of Current Maturities (excluding Current Maturities relating to the real property located at 2700 West Front Street, Statesville, North Carolina 28677) plus interest expense (excluding interest expense relating to the real property located at 2700 West Front Street, Statesville, North Carolina 28677) less interest income plus cash taxes paid plus Restricted Payments plus Investments and Acquisitions plus Unfunded Capital Expenditures plus, solely to the extent included in the tested period, the Fixed Charges for Nu Aire calculated on a pro forma basis for the four quarter period commencing on November 1, 2023 and concluding on October 31, 2024." ""Subordinated Debt" means indebtedness that has been subordinated to the Borrower's indebtedness to the Bank pursuant to a subordination agreement in form and content reasonably satisfactory to the Bank." ""Subordination Agreements" means any agreements effecting the subordination of Subordinated Debt in form and content reasonably satisfactory to the Bank." B. Conditions to Effectiveness of Amendment. The Bank's willingness to agree to the amendments set forth in this Amendment is subject to the prior satisfaction of the following conditions: 1. Execution by all parties and delivery to the Bank of this Amendment, the First Amendment Term Note, and such other instruments and documents which the Bank may reasonably request in connection with the transactions provided for in this Agreement. 2. The Bank shall have received a certificate in form and substance reasonably satisfactory to the Bank from the Loan Parties, dated as of the First Amendment Effective Date and signed on behalf of such Loan Party by an authorized officer of such Loan Party certifying as to and attaching (i) true copies of the organizational documents of such Loan Party and any amendments thereto, (ii) the resolutions of the shareholders, directors, managers and/or members (as the case may be) of such Loan Party authorizing the execution and delivery of this Amendment and the other Loan Documents, (iii) a certificate of existence, authorization, good standing certificate, or its equivalent of such Loan Party from the Secretary of State of such Loan Party's jurisdiction of organization, and (iv) the names, true signatures and incumbency of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which each is a party.

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![](pnc-kewauneexfirstamendm009.jpg)

- 8 - Form 17A – Multistate Rev. 4/25 3. The Bank shall have received Lien searches (including Uniform Commercial Code, judgments, bankruptcy and taxes) with respect to each Loan Party (at the state and county level) from the jurisdiction of such Loan Party's organization and each other jurisdiction in which such Loan Party maintains an office showing no existing Liens on the property of such Loan Party except as permitted under the Loan Agreement. 4. The Bank shall have received a closing certificate in form and substance reasonably satisfactory to the Bank from the Borrower, dated as of the First Amendment Effective Date and signed by an officer of the Borrower, certifying that (i) all representations and warranties of the Borrower set forth in the Loan Agreement are true and correct in all material respects (and in all respects if qualified by materiality), (ii) the Borrower is in compliance with each of the covenants and conditions contained in the Loan Agreement in all material respects, (iii) no Event of Default exists and (iv) since July 31, 2024, there shall have been no material adverse change in the financial condition or business of the Borrower nor any Material Adverse Change, as reasonably determined by Bank, in the market value of any Collateral required hereunder or a substantial or material portion of the assets of the Borrower that have resulted or could result in a Material Adverse Change. 5. The Bank shall have received opinions of counsel on behalf of the Loan Parties dated as of the First Amendment Effective Date, in form and substance reasonably satisfactory to the Bank. 6. The Bank shall have received evidence satisfactory to the Bank in its reasonable discretion that the Subordinated Seller Notes shall be repaid in full on the First Amendment Effective Date. 7. Payment by the Borrower to the Bank of the First Amendment Commitment Fee, and reimbursement of the reasonable and documented out-of-pocket fees and expenses of the Bank's outside counsel in connection with this Amendment to the extent invoiced one (1) Business Day in advance of the First Amendment Effective Date. C. Post-Closing Requirements. (a) By no later than December 4, 2026, the Borrower shall deliver evidence satisfactory to the Bank in its reasonable discretion that the electronic stock certificate representing the Borrower's Equity Interest in Kewaunee Labway India Private Limited (the "KLI Equity Interest") has been marked to reflect the Bank's Lien thereon. (b)Until such time as the Borrower has satisfied the requirements of sub-section (a) above, the Borrower shall, within thirty (30) days after the end of each fiscal quarter, deliver a status report to the Bank regarding the conversion of the KLI Equity Interest to an electronic stock certificate, along with such other information currently available to the Borrower as the Bank may reasonably require.

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- 9 - Form 17A – Multistate Rev. 4/25 CONSENT OF GUARANTOR The undersigned guarantor (the "Guarantor") consents to the provisions of the foregoing Amendment and all prior amendments (if any) and confirms and agrees that: (a) the Guarantor's obligations under its Guaranty and Suretyship Agreement dated as of November 1, 2024 (the "Guaranty") and the other Loan Documents relating to the Obligations mentioned in the Amendment, shall be unimpaired by the Amendment; (b) [reserved]; and (c) all of the terms, conditions and covenants in the Guaranty and the other Loan Documents remain unaltered (except as expressly modified by the Amendment) and in full force and effect, are hereby ratified and confirmed, and continue to apply to the Obligations, as modified by the Amendment. The Guarantor certifies that all representations and warranties made in the Guaranty and the other Loan Documents are true and correct. The Guarantor hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by the Guarantor or third parties (if applicable), shall continue unimpaired and in full force and effect, shall cover and secure all of the Guarantor's existing and future Obligations to the Bank, as modified by this Amendment. By signing below, the Guarantor agrees that this Consent, the Guaranty, the other Loan Documents, any amendments thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a "Communication") may, at the Bank's option, be in the form of an electronic record. Any Communication may, at the Bank's option, be signed or executed using electronic signatures. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention. The Guarantor acknowledges and agrees that the methods for delivering Communications, including notices, under the Guaranty and the other Loan Documents include electronic transmittal to any electronic address provided by any party to the other party from time to time. REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

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## Exhibit 99.1

![logo_stackedxdark.jpg](logo_stackedxdark.jpg)

**Kewaunee Scientific Announces Successful Debt Refinancing and Full Repayment of Seller Notes From the Company's Acquisition of Nu Aire, Inc.**

Exchange:&nbsp;&nbsp;&nbsp;&nbsp;NASDAQ (KEQU)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contact:&nbsp;&nbsp;&nbsp;&nbsp;Donald T. Gardner III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704/871-3274

STATESVILLE, N.C. December 4, 2025 – PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU), a recognized leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products, today announced its successful debt refinancing and the full repayment of its Seller Notes.

On December 4, 2025, Kewaunee Scientific Corporation (the "Company" or "Kewaunee") successfully repaid in full and ahead of schedule its Seller Notes, entered into November 1, 2024, in connection with the Company's acquisition of Nu Aire, Inc. ("Nu Aire"). The Seller Notes had an original outstanding principal balance of $23.0 million and were set to mature on November 1, 2027. This repayment was partially funded by an amendment the Company entered into with PNC Bank, National Association ("PNC") on December 4, 2025, related to the Loan Agreement, dated November 1, 2024, between the Company and PNC. This amendment, among other things, (i) permitted the Company to repay in full the outstanding principal balances of the Seller Notes, (ii) provided for an additional $10.0 million term loan to be used to partially fund the repayment of the Seller Notes, and (iii) permitted the Company to draw and use available funds under its active revolving line of credit established by the November 1, 2024 Loan Agreement to partially fund the repayment of the Seller Notes.

With the successful execution of these transactions, the Company has lowered its overall debt load, reduced the effective interest rate on its debt portfolio, and materially reduced its expected future interest expense.

"Kewaunee's decision to repay our Seller Notes early and in full reflects the Company's commitment to thoughtful capital allocation and disciplined decision-making," said Donald T. Gardner III, Vice President and Chief Financial Officer of Kewaunee. "Our ability to fully repay the Seller Notes well before their maturity date has been enabled by the consistent financial performance of our legacy business, accretive financial contribution from the Nu Aire business, and disciplined cash management."

"We are confident that the strategies we are employing are best for the long-term health of our business. The flexibility achieved through this refinancing positions us well as we execute our key strategic initiatives to drive future organic and inorganic growth, which will generate value for our shareholders."

CORPORATE OFFICES ● P. O. BOX 1842, STATESVILLE, NORTH CAROLINA 28687-1842 ● 2700 WEST FRONT STREET, STATESVILLE, NORTH CAROLINA 28677-2927

PHONE 704-873-7202 ● FAX 704-873-1275

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*About Kewaunee Scientific* 

Founded in 1906, Kewaunee Scientific Corporation is a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. The Company's products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks. The Company's corporate headquarters are located in Statesville, North Carolina. Sales offices are located in the United States, India, Saudi Arabia, and Singapore. Three manufacturing facilities are located in Statesville serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local, Asian, and African markets.

Kewaunee Scientific's newly acquired subsidiary, Nu Aire, is a leading manufacturer of biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products that complement the Kewaunee Scientific portfolio. Founded in 1971, Nu Aire's headquarters and manufacturing facilities are located in Plymouth, Minnesota, with additional manufacturing capabilities located in Long Lake, Minnesota. The Company also maintains a warehouse partnership in the Netherlands and OEM partnerships in China.

Learn more at the companies' websites, located at <u>https://www.kewaunee.com</u> and <u>https://www.nuaire.com/</u>.

*This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: our ability to realize the benefits anticipated as a result of the Nu Aire acquisition; competitive and general economic conditions, including disruptions from government mandates, both domestically and internationally, as well as supplier constraints and other supply disruptions; changes in customer demands; technological changes in our operations or in our industry; dependence on customers' required delivery schedules; risks related to fluctuations in the Company's operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; acts of terrorism, war, governmental action, and natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders' interest. Many important factors that could cause such a difference are described under the caption "Risk Factors," in Item 1A of our Annual Report on Form 10-K for the most recent fiscal year ended April 30, which you should review carefully, and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. These reports are available on our investor relations website at <u>www.kewaunee.com</u> and on the SEC website at <u>www.sec.gov</u>. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.*

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