# EDGAR Filing Document

**Accession Number:** 0001069533
**File Stem:** 0001437749-23-003996
**Filing Date:** 2023-2
**Character Count:** 14948
**Document Hash:** c32b4669f0d0f663360933f1f84505d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-003996.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001437749-23-003996

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RGC RESOURCES INC
- **CENTRAL INDEX KEY:** 0001069533
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
- **IRS NUMBER:** 541909697
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26591
- **FILM NUMBER:** 23648794

**BUSINESS ADDRESS:**
- **STREET 1:** 519 KIMBALLAVENUE N.E.
- **CITY:** ROANOKE
- **STATE:** VA
- **ZIP:** 24016
- **BUSINESS PHONE:** 5407774427

**MAIL ADDRESS:**
- **STREET 1:** 519 KIMBALL AVENUE N.E.
- **CITY:** ROANOKE
- **STATE:** VA
- **ZIP:** 24016

rgco20230220_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): **February 21, 2023**

## RGC RESOURCES, INC.
**(Exact name of Registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Virginia** | **000-26591** | **54-1909697** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

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| | |
|:---|:---|
| **519 Kimball Ave., **N.E. Roanoke**, **Virginia** | **24016** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**Registrant**'**s telephone number, including area code: **540**-**777-4427**

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| **Common Stock, $5 Par Value** | **RGCO** | **NASDAQ Global Market** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 if the Securities Exchange Act of 1934.

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| | |
|:---|:---|
| Emerging growth company | ☐ |

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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.

☐<br>

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| | |
|:---|:---|
| ITEM 8.01 | OTHER EVENTS. |

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As previously disclosed, on March 5, 2020, RGC Resources, Inc. (the "Company") entered into an At Market Issuance Sales Agreement (the "Sales Agreement") with Janney Montgomery Scott LLC ("Janney") pursuant to which Janney acts as the Company's sales agent (the "Sales Agent") with respect to the offer and sale, from time to time, of shares of the Company's common stock, par value $5.00 per share (the "Common Stock"), in transactions qualifying as "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended. The obligations of the Sales Agent under the Sales Agreement are subject to certain customary conditions, and the Sales Agreement includes customary representations, warranties and covenants of the Company, as well as customary indemnification and contribution provisions.

On February 21, 2023, the Company filed a prospectus supplement (the "Prospectus Supplement") under its newly effective Registration Statement on Form S-3 (File No. 333-269462) (the "Registration Statement") for the purpose of registering further offers and sales of shares of Common Stock by the Sales Agent under the Sales Agreement. This Current Report on Form 8-K is being filed for the purpose of incorporating the exhibits filed herewith by reference into the Registration Statement and the related prospectus contained therein, as supplemented by the Prospectus Supplement.

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| | |
|:---|:---|
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |

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| | |
|:---|:---|
| (d) Exhibits. |  |
| 1.1 | [At Market Issuance Sales Agreement, dated March 5, 2020, between RGC Resources, Inc. and Janney Montgomery Scott LLC, as agent (incorporated herein by reference to Exhibit 1.1 on Form 8-K as filed March 5, 2020)](http://www.sec.gov/Archives/edgar/data/1069533/000119312520063193/d849470dex11.htm) |
| 5.1 | [Opinion of McGuireWoods LLP (filed herewith)](ex_478141.htm) |
| 23.1 | [Consent of McGuireWoods LLP (included in Exhibit 5.1)](ex_478141.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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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.

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| | | |
|:---|:---|:---|
|  |  | RGC RESOURCES, INC. |
| Date: February 21, 2023 | By: | /s/ Jason A. Field |
|  |  | Jason A. Field |
|  |  | Vice President, Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |

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## Exhibit 5.1

**Exhibit 5.1**

![ex_478141img001.jpg](ex_478141img001.jpg)<br>

February 21, 2023

RGC Resources, Inc.

519 Kimball Avenue, N.E.

Roanoke, Virginia 24016

Ladies and Gentlemen:

We have acted as special counsel to RGC Resources, Inc., a Virginia corporation (the "<u>Compan</u>y"), in connection with (i) the Registration Statement on Form S-3 (File No. 333-269462) (the "<u>Registration Statement</u>"), which was filed by the Company with the Securities and Exchange Commission (the "<u>SEC</u>") in connection with the registration under the Securities Act of 1933, as amended (the "<u>Act</u>"), of shares of the Company's common stock, par value $5.00 per share (the "<u>Common Stock</u>"), with an aggregate offering amount of up to $40,000,000 and (ii) the offer and sale by the Company from time to time of up to $20,000,000 in aggregate offering amount of shares of Common Stock (the "<u>Shares</u>") pursuant to an At Market Issuance Sales Agreement, dated March 5, 2020 (the "<u>Sales Agreement</u>"), between the Company and Janney Montgomery Scott LLC, as agent (the "<u>Agent</u>"), as described in the Company's Prospectus, dated February 10, 2023 (the "<u>Prospectus</u>"), and Prospectus Supplement, dated February 21, 2023 (the "<u>Prospectus Supplement</u>"). The Registration Statement became effective on February 10, 2023. This opinion letter is being furnished in accordance with the requirements of Item 16 of Form S-3 and Item 601(b)(5)(i) of Regulation S-K promulgated under the Securities Act of 1933, as amended.

**<u>Documents Reviewed</u>**

In connection with this opinion letter, we have examined the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Prospectus Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Sales Agreement.

Also, we have examined and relied upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate from the secretary of the Company certifying as to (A) true and correct copies of the articles of incorporation and bylaws of the Company (the "<u>Company Organizational Documents</u>") and (B) resolutions of the board of directors of the Company (the "<u>Board Resolutions</u>"), and the resolutions of the pricing officers designated by the board of directors of the Company, authorizing, as applicable, the filing of the Registration Statement and the offer and sale of the Shares by the Company pursuant to the Sales Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate dated February 20, 2023, issued by the Office of the Clerk of the Virginia State Corporation Commission, attesting to the corporate status and good standing of the Company in the Commonwealth of Virginia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) originals, or copies identified to our satisfaction as being true copies, of such other records, documents and instruments as we have deemed necessary for the purposes of this opinion letter.

<u>"Applicable Law</u>" means the laws of the Commonwealth of Virginia.

**McGuireWoods LLP \| www.mcguirewoods.com**

Atlanta \| Austin \| Baltimore \| Charlotte \| Charlottesville \| Chicago \| Dallas \| Houston \| Jacksonville \| London \| Los Angeles - Century City

Los Angeles - Downtown \| New York \| Norfolk \| Pittsburgh \| Raleigh \| Richmond \| San Francisco \| Tysons \| Washington, D.C.

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**<u>Assumptions Underlying Our Opinions</u>**

For all purposes of the opinions expressed herein, we have assumed, without independent investigation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Factual Matters</u>. To the extent that we have reviewed and relied upon (i) certificates of the Company or authorized representatives thereof and (ii) certificates and assurances from public officials, all of such certificates, representations and assurances are accurate with regard to factual matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authentic and Conforming Documents</u>. All documents submitted to us as originals are authentic, complete and accurate, and all documents submitted to us as copies conform to authentic original documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Documents Binding on Certain Parties</u>. The Sales Agreement and the documents required or permitted to be delivered thereunder are valid and binding obligations of the parties thereto, enforceable against such parties in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Mutual Mistake, Amendments, etc.</u> There has not been any mutual mistake of fact, fraud, duress or undue influence in connection with the transactions contemplated by the Sales Agreement. There are no oral or written statements or agreements that modify, amend or vary, or purport to modify, amend or vary, any of the terms of the Sales Agreement.

**<u>Our Opinions</u>**

Based on and subject to the foregoing and the exclusions, qualifications, limitations and other assumptions set forth in this opinion letter, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Organizational Status</u>. The Company is a validly existing corporation under the laws of the Commonwealth of Virginia and is in good standing under such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Power and Authority; Authorization</u>. The Company has the corporate power and authority to issue the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Validity of the Shares</u>. When (i) the Shares have been issued and sold as contemplated by the Registration Statement, the Prospectus and the Prospectus Supplement, (ii) the Company has received the consideration provided for in the Sales Agreement, (iii) such consideration per share is not less than the amount specified in the Board Resolutions and (iv) certificates in the form required under the laws of the Commonwealth of Virginia representing the Shares have been duly executed, countersigned, registered and delivered in accordance with the instructions of the Agent, if such Shares are represented by certificates, or, if such Shares are not represented by certificates, book-entry notations in the form required under the laws of the Commonwealth of Virginia have been duly made in the share register of the Company in accordance with the instructions of the Agent, such Shares will be validly issued, fully paid and non-assessable.

**<u>Qualifications and Limitations</u>**

The opinions set forth above are limited to the Applicable Law, and we do not express any opinion concerning any other law.

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**<u>Miscellaneous</u>**

The foregoing opinions are being furnished only for the purpose referred to in the first paragraph of this opinion letter. Our opinions are based on statutes, regulations and administrative and judicial interpretations which are subject to change. We undertake no responsibility to update or supplement these opinions subsequent to the date hereof. Headings in this opinion letter are intended for convenience of reference only and shall not affect its interpretation. We hereby consent to the filing of this opinion as an exhibit to the Company's Current Report on Form 8-K and the incorporation of this opinion by reference in the Registration Statement and to references to us under the heading "Legal Matters" in the Registration Statement and in the Prospectus and the Prospectus Supplement relating to the Shares. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act or the rules and regulations of the SEC promulgated thereunder.

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| |
|:---|
| Very truly yours, |
| /s/ McGuireWoods LLP |

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