# EDGAR Filing Document

**Accession Number:** 0000002186
**File Stem:** 0001654954-23-003704
**Filing Date:** 2023-3
**Character Count:** 22751
**Document Hash:** 7616b2d44d7bed9a0974774521907596
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-23-003704.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001654954-23-003704

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230323

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BK Technologies Corp
- **CENTRAL INDEX KEY:** 0000002186
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **IRS NUMBER:** 593486297
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32644
- **FILM NUMBER:** 23767988

**BUSINESS ADDRESS:**
- **STREET 1:** 7100 TECHNOLOGY DRIVE
- **CITY:** WEST MELBOURNE
- **STATE:** FL
- **ZIP:** 32904
- **BUSINESS PHONE:** 321-984-1414

**MAIL ADDRESS:**
- **STREET 1:** 7100 TECHNOLOGY DRIVE
- **CITY:** WEST MELBOURNE
- **STATE:** FL
- **ZIP:** 32904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BK Technologies, Inc.
- **DATE OF NAME CHANGE:** 20180604

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RELM WIRELESS CORP
- **DATE OF NAME CHANGE:** 19980129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADAGE INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8"?bkti_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): **<u>March 23, 2023</u>**

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| |
|:---|
| **BK Technologies Corporation** |
| (Exact name of registrant as specified in its charter)  |

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| | | |
|:---|:---|:---|
| **Nevada** | **001-32644** | **83-4064262** |
| (State or other jurisdiction  | (Commission  | (I.R.S. Employer  |
| of incorporation)  | File Number)  | Identification No.)  |

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| | |
|:---|:---|
| **7100 Technology Drive, West Melbourne, FL** | **32904** |
| (Address of principal executive offices)  | (Zip Code)  |

---

Registrant's telephone number, including area code: **<u>(321) 984-1414</u>**

**<u>N/A</u>**

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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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title of Each Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Each Exchange on Which Registered |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stock, par value $.60 per share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BKTI** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NYSE American** |

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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 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 3.03 <u>Material Modification to Rights of Security Holders</u>.**

The Board of Directors of BK Technologies Corporation, a Nevada corporation (the "Company"), has approved a reverse stock split of the Company's authorized, issued and outstanding shares of common stock, par value $0.60 per share (the "Common Stock"), at a ratio of one (1)-for-five (5) (the "Reverse Stock Split").

**Reasons for the Reverse Stock Split**

The Reverse Stock Split is being effected because the Company believes the anticipated increase in the market price of the Common Stock resulting from the Reverse Stock Split will benefit the Company and its stockholders. The Company cannot provide assurance that such increase will occur or that, if such increase does occur, that it will be sustained.

**Effects of the Reverse Stock Split**

*Effective Date; Symbol; CUSIP Number*.

The Reverse Stock Split will become effective on April 21, 2023 (the "Effective Date"), at 5:00 p.m., Eastern Time. The Common Stock should begin trading on a split-adjusted basis at the commencement of trading on April 24, 2023, under the Company's existing trading symbol, "BKTI." The Company's Common Stock has been assigned a new CUSIP number, 05587G 203, in connection with the Reverse Stock Split.

*Split Adjustment; Treatment of Fractional Shares*.

On the Effective Date, the total number of shares of Common Stock held by each stockholder of the Company will be exchanged for the number of shares of Common Stock equal to (i) the number of issued and outstanding shares of Common Stock held by each such stockholder immediately prior to the Reverse Stock Split, divided by (ii) five, with such resulting number of shares rounded up to the nearest whole share. As a result, no fractional shares will be issued in connection with the Reverse Stock Split and no cash or other consideration will be paid in connection with any fractional shares that would otherwise have resulted from the Reverse Stock Split. Also on the Effective Date, all equity awards outstanding immediately prior to the Reverse Stock Split will be adjusted to reflect the Reverse Stock Split.

*Certificated and Non-Certificated Shares*.

Stockholders who hold their shares in direct registration book-entry form with the Company's transfer agent, American Stock Transfer & Trust Company, LLC ("AST"), or in electronic form at brokerage firms, do not need to take any action, as the effect of the Reverse Stock Split will automatically be reflected in their accounts. Stockholders holding paper certificates will be contacted by AST, which is also acting as the exchange agent for the Reverse Stock Split, regarding the return of outstanding stock certificates to the Company.

*Nevada State Filing*.

The Reverse Stock Split will be effected pursuant to the Company's filing of a Certificate of Change (the "Certificate") with the Secretary of State of the State of Nevada. The Certificate will become effective at 5:00 p.m. on the Effective Date.

*No Stockholder Approval Required*.

The Reverse Stock Split was approved by the Board of Directors of the Company and given effect pursuant to and in accordance with Nevada law and, as such, no stockholder approval of the Reverse Stock Split is required.

2<br>

*Capitalization.* 

As of March 23, 2023, the Company was authorized to issue 50,000,000 shares of Common Stock, and there were 16,998,187 shares of Common Stock issued and outstanding. In addition, the Company was authorized to issue 1,000,000 shares of preferred stock, and there were no shares of preferred stock issued and outstanding. Immediately following the effectiveness of the Reverse Stock Split, the Company will be authorized to issue 10,000,000 shares of Common Stock, and there will be approximately 3.4 million shares of Common Stock issued and outstanding (subject to adjustment due to the treatment of fractional shares). There will be no shares of preferred stock issued and outstanding. The Reverse Stock Split will have no effect on the par value of the Common Stock or the par value or authorized number of the preferred stock.

Immediately after the Reverse Stock Split, each stockholder's percentage ownership interest in the Company and proportional voting power will remain unchanged, except for minor changes and adjustments that will result from the treatment of fractional shares. The rights and privileges of the holders of shares of Common Stock will be unaffected by the Reverse Stock Split.

**Item 5.03 <u>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year</u>.**

The information set forth in Item 3.03 is hereby incorporated by reference into this Item 5.03.

**Item 8.01 <u>Other Events</u>.**

On March 23, 2023, the Company issued a press release announcing the Reverse Stock Split. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Forward-Looking Statements**

*This Form 8-K contains certain forward-looking statements that are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the Company's operations, economic performance and financial condition and the anticipated effect of the Company's Reverse Stock Split and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, the following: the Company's ability to successfully effect the Reverse Stock Split or realize the anticipated benefits of the Reverse Stock Split; changes or advances in technology; the success of our land mobile radio product line; successful introduction of new products and technologies, including our ability to successfully develop and sell our anticipated new multiband product and other related products in the planned BKR Series; competition in the land mobile radio industry; general economic and business conditions, including federal, state and local government budget deficits and spending limitations and any impact from a prolonged shutdown of the U.S. Government; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; risks associated with fixed-price contacts; heavy reliance on sales to agencies of the U.S. Government and our ability to comply with the requirements of contracts, laws and regulations related to such sales; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition, disposition or investment transactions, and risks incumbent to being a noncontrolling interest stockholder in a corporation; impact of our capital allocation strategy; risks related to maintaining our brand and reputation; impact of government regulation; rising health care costs; our business with manufacturers located in other countries, including changes in the U.S. Government and foreign governments' trade and tariff policies; our inventory and debt levels; protection of our intellectual property rights; fluctuation in our operating results and stock price; acts of war or terrorism, natural disasters and other catastrophic events; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems; availability of adequate insurance coverage; maintenance of our NYSE American listing; risks related to being a holding company; and the effect on our stock price and ability to raise equity capital of future sales of shares of our common stock. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. These forward-looking statements are made as of the date of this Form 8-K, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.*

3<br>

**Item 9.01 <u>Financial Statements and Exhibits</u>.**

(d) Exhibits.

---

| | |
|:---|:---|
| [3.1](bkti_ex31.htm) | [Certificate of Change Pursuant to Nevada Revised Statutes Section 78.209.](bkti_ex31.htm) |
| [99.1](bkti_ex991.htm) | [Press Release dated March 23, 2023.](bkti_ex991.htm) |

---

4<br>

**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 hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **BK TECHNOLOGIES CORPORATION** | **BK TECHNOLOGIES CORPORATION** |
|  | By: | /s/ Scott A. Malmanger |
|  |  | Scott A. Malmanger |
|  |  | Chief Financial Officer |
| Date: March 28, 2023  |  |  |

---

5<br>

## Exhibit 3.1

**EXHIBIT 3.1**

![](bkti_ex31img1.jpg)

## Exhibit 99.1

**EXHIBIT 99.1**

BK Technologies Announces Reverse Stock Split

**WEST MELBOURNE, FL / ACCESSWIRE / March 23, 2023 /** BK Technologies Corporation (NYSE American:BKTI) (the "Company") today announced that it will effect a one (1)-for-five (5) reverse stock split of its outstanding common stock, effective April 21, 2023 at 5:00 p.m., Eastern Time. The Company's common stock should begin trading on a split-adjusted basis at the commencement of trading on April 24, 2023, under the Company's existing trading symbol, "BKTI." The Company's common stock has been assigned a new CUSIP number, 05587G 203, in connection with the reverse stock split.

The Board of Directors of the Company approved the reverse stock split on March 23, 2023. Pursuant to the laws of the State of Nevada, stockholder approval is not required to effect this reverse stock split because the Company is also reducing its authorized common stock by the same ratio. The reverse stock split is being effected because the Company believes the anticipated increase in the market price of the common stock resulting from the reverse stock split will benefit the Company and its stockholders.

"The Company evaluated requests from current and prospective shareholders that have attempted to hold or purchase shares of sub $5 per share companies with major financial institutions and have been unable to do so. We evaluated the minimal cost of conducting a reverse stock split relative to the potential benefits of expanding our shareholder list and decided this was in the best interest of our shareholders," commented Kyle Cerminara, Chairman of the Board of Directors. Cerminara added, "As a public company, we would like to make it easier to own shares. I have personally heard from many of you and experienced it myself that the largest brokerage firms are not allowing fiduciary accounts to hold shares of low-priced companies without tremendous administrative burden. We hope this action will ease that burden."

At the effective time of the reverse stock split, every five (5) shares of issued and outstanding common stock will be exchanged for one (1) share of common stock, with all fractional shares being rounded up to the nearest whole share. The reverse stock split will reduce the number of issued and outstanding shares of common stock from approximately 17 million pre-split shares to approximately 3.4 million post-split shares. The reverse stock split will also proportionally reduce the Company's authorized shares of common stock from 50,000,000 shares to 10,000,000 shares.

The reverse stock split will be effected simultaneously for all outstanding shares of the Company's common stock, and will affect all of the Company's stockholders uniformly. The reverse stock split will not affect any stockholder's percentage ownership interest in the Company, except to the extent that it results in any of the Company's stockholders owning a fractional share, as any resulting fractional share will be rounded up to the nearest whole share. The reverse stock split will not affect the par value of the Company's common stock or the number of authorized shares of, or par value of, the authorized preferred stock, none of which is currently outstanding. The rights and privileges of the holders of the common stock will be unaffected by the reverse stock split. Proportionate adjustments will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding options and to the number of shares subject to outstanding restricted stock units.

**Information for Stockholders**

Stockholders holding their shares in direct registration book-entry form with the Company's transfer agent, American Stock Transfer & Trust Company, LLC, or in brokerage accounts, do not need to take any action in connection with the reverse stock split. Stockholders holding shares of the Company's common stock with a bank, broker or other nominee are encouraged to contact their bank, broker or other nominee with any questions regarding their holdings. The Company's transfer agent is also acting as the exchange agent for the reverse stock split and will provide instructions to any stockholders holding certificated shares regarding the process for exchanging their share certificates.

Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole post-split share, and no stockholders will receive cash in lieu of fractional shares.

**About BK Technologies**

BK Technologies Corporation is an American holding company deeply rooted in the public safety communications industry, with its operating subsidiary manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. BK Technologies is honored to serve our public safety heroes with reliable equipment when every moment counts. The Company's common stock trades on the NYSE American market under the symbol "BKTI." Maintaining its headquarters in West Melbourne, Florida, BK Technologies can be contacted through its web site at <u>www.bktechnologies.com</u> or directly at 1-800-821-2900.

**Forward-Looking Statements**

*This press release contains certain forward-looking statements that are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the Company's operations, economic performance and financial condition and the anticipated effect of the Company's reverse stock split and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, the following: the Company's ability to successfully effect the reverse stock split or realize the anticipated benefits of the reverse stock split; changes or advances in technology; the success of our land mobile radio product line; successful introduction of new products and technologies, including our ability to successfully develop and sell our anticipated new multiband product and other related products in the planned BKR Series; competition in the land mobile radio industry; general economic and business conditions, including federal, state and local government budget deficits and spending limitations and any impact from a prolonged shutdown of the U.S. Government; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; risks associated with fixed-price contacts; heavy reliance on sales to agencies of the U.S. Government and our ability to comply with the requirements of contracts, laws and regulations related to such sales; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition, disposition or investment transactions, and risks incumbent to being a noncontrolling interest stockholder in a corporation; impact of our capital allocation strategy; risks related to maintaining our brand and reputation; impact of government regulation; rising health care costs; our business with manufacturers located in other countries, including changes in the U.S. Government and foreign governments' trade and tariff policies; our inventory and debt levels; protection of our intellectual property rights; fluctuation in our operating results and stock price; acts of war or terrorism, natural disasters and other catastrophic events; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems; availability of adequate insurance coverage; maintenance of our NYSE American listing; risks related to being a holding company; and the effect on our stock price and ability to raise equity capital of future sales of shares of our common stock. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.*

**Company Contact**

IMS Investor Relations

John Nesbett/Jennifer Belodeau

<u>bktechnologies@imsinvestorrelations.com</u>

(203) 972-9200