# EDGAR Filing Document

**Accession Number:** 0001083743
**File Stem:** 0001493152-23-001352
**Filing Date:** 2023-1
**Character Count:** 15423
**Document Hash:** b32cbe568348e6658455ba51c7cfa9f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-001352.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001493152-23-001352

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20230110

**ITEM INFORMATION**: Entry into 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**: 20230113

**DATE AS OF CHANGE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flux Power Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001083743
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **IRS NUMBER:** 860931332
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31543
- **FILM NUMBER:** 23527343

**BUSINESS ADDRESS:**
- **STREET 1:** 2685 S. MELROSE DRIVE
- **CITY:** VISTA
- **STATE:** CA
- **ZIP:** 92081
- **BUSINESS PHONE:** 877-505-3589

**MAIL ADDRESS:**
- **STREET 1:** 2685 S. MELROSE DRIVE
- **CITY:** VISTA
- **STATE:** CA
- **ZIP:** 92081

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lone Pine Holdings, Inc
- **DATE OF NAME CHANGE:** 20090415

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Australian Forest Industries
- **DATE OF NAME CHANGE:** 20070508

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MULTI TECH INTERNATIONAL CORP
- **DATE OF NAME CHANGE:** 20021204

?xml version="1.0" encoding="utf-8"?

**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): January 10, 2023

**<u>FLUX POWER HOLDINGS, INC.</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **<u>Nevada</u>** | **<u>001-31543</u>** | **<u>86-0931332</u>** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **<u>2685 S. Melrose Drive, Vista, California</u>** | **<u>92081</u>** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**<u>877-505-3589</u>**

(Registrant's telephone number, including area code)

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 (<u>see</u> General Instruction A.2. below):

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.001 par value | FLUX | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

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

On January 10, 2023, Flux Power, Inc. ("Flux"), a wholly-owned subsidiary of Flux Power Holdings, Inc. (the "Registrant" and together with Flux, the "Company"), and the Registrant entered into a Fourth Amendment to Loan and Security Agreement (the "Fourth Amendment") with Silicon Valley Bank ("SVB"), which amended certain terms of the Loan and Security Agreement dated November 9, 2020, as amended on October 29, 2021, as further amended on June 23, 2022, and as further amended on November 7, 2022 (together with the Fourth Amendment, the "Agreement"), including but not limited to, (i) increasing the amount of the revolving line of credit from $8.0 million to $14.0 million, (ii) removing the liquidity ratio financial covenant of the Company under Section 6.9 of the Agreement, (iii) amending the definition of Borrowing Base (as defined in the Fourth Amendment), which includes a new defined term for Net Orderly Liquidation Value (as defined in the Fourth Amendment), and (iv) removing certain defined liquidity terms under Section 13.1 of the Agreement.

Pursuant to the Fourth Amendment, the Registrant agreed to pay SVB a non-refundable amendment fee of Ten Thousand Dollars Dollars ($10,000.00) and SVB's legal fees and expenses incurred in connection with the Fourth Amendment.

The foregoing description of the Fourth Amendment does not purport to be a complete description of the terms and is qualified in its entirety by reference to the full text of the Fourth Amendment, which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant**

The information disclosed in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

**Item 7.01 Regulation FD Disclosure**

On January 13, 2023, the Company issued a press release announcing the entry into the Fourth Amendment with SVB and the expansion of its credit facility with SVB from $8 million to $14 million. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference.

*The information reported under Item 7.01 in this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being "furnished" and shall not be deemed filed for 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, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 ,as amended, or the Exchange Act, regardless of any general incorporation language in such filing. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information contained herein.*

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

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| | |
|:---|:---|
| Exhibit | Exhibit Description |
| 10.1 | [Fourth Amendment to Loan and Security Agreement, dated January 10, 2023](ex10-1.htm) |
| 99.1 | [Press Release dated January 13, 2023](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**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.

---

| | |
|:---|:---|
| Flux Power Holdings, Inc. | Flux Power Holdings, Inc. |
| a Nevada corporation | a Nevada corporation |
| By: | */s/ Ronald F. Dutt* |
|  | Ronald F. Dutt |
|  | Chief Executive Officer |

---

Dated: January 13, 2023

## Exhibit 10.1

**Exhibit 10.1**

![](ex10-1_001.jpg)

![](ex10-1_002.jpg)

![](ex10-1_003.jpg)

![](ex10-1_004.jpg)

![](ex10-1_005.jpg)

![](ex10-1_006.jpg)

![](ex10-1_007.jpg)

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Flux Power Announces Expanded $14 Million Credit Facility with Silicon Valley Bank** 

*Increased Credit Capacity Provides Ample Capital Resources to Meet Targeted Fiscal 2023 Growth & Profitability Objectives* 

**VISTA, CA — January 13, 2023 — Flux Power Holdings, Inc.** (NASDAQ: <u>FLUX</u>), a developer of advanced <u>lithium-ion</u> energy storage solutions for electrification of commercial and industrial equipment, has expanded the available credit under its existing facility with Silicon Valley Bank ("SVB Credit Facility"). The amended agreement increases the available capacity of the facility from $8 million to $14.0 million to support higher working capital requirements related to increased customer demand.

The Fourth Amendment includes but is not limited to increasing the amount of the revolving line of credit from $8.0 million to $14.0 million, removing the liquidity ratio financial covenant of the Company, amending the definition of Borrowing Base (as defined in the Fourth Amendment), which includes a new defined term for Net Orderly Liquidation Value (as defined in the Fourth Amendment), and removing certain defined liquidity terms.

"We are pleased to have entered into this amended credit facility providing $6.0 million in increased availability on our asset-based lending line, providing the additional cash to fund the inventory and receivables needed to meet our targeted growth goals," said Ron Dutt, Flux Power Chief Executive Officer. "Silicon Valley Bank is a trusted banking advisor that has been part of our continued growth through the years as we've scaled our company. The additional availability also provides Flux with a core lending base to meet our anticipated capital resources to fund planned operations to achieve our fiscal 2023 growth and profitability objectives. Having now surpassed our 17th consecutive quarter of year-over-year revenue growth, it is reassuring to have this strong lending relationship to help support our working capital requirements."

"Silicon Valley Bank is excited to further our support of Flux with this increased capacity under the working capital line of credit. We look forward to Flux's continued progress in deploying clean, safe, and innovative battery technology solutions," said Jordan Kanis, managing director of climate technology and sustainability at Silicon Valley Bank.

**About Flux Power Holdings, Inc.**

Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power's lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit <u>www.fluxpower.com</u>.

**About Silicon Valley Bank**

SVB Financial Group (NASDAQ: SIVB) and its subsidiaries help innovative companies and their investors move bold ideas forward, fast. SVB Financial Group's businesses, including Silicon Valley Bank, offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at <u>svb.com</u>.

Silicon Valley Bank, the bank of the world's most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB's core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.

**Forward-Looking Statements**

This release contains projections and other "forward-looking statements" relating to Flux Power's business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power's business, results and financial condition; Flux Power's ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power's ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power's ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power's ability to obtain the necessary funds under the credit facilities, Flux Power's ability to timely obtain UL Listing for its products, Flux Power's ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products, and Flux Power's ability to negotiate and enter into a definitive agreement in connection with the Letter of Intent. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power's actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at <u>www.sec.gov/edgar</u>. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

**Follow us at:**

Blog: <u>Flux Power Blog</u><br> News <u>Flux Power News</u><br> Twitter: <u>@FLUXpwr</u><br> LinkedIn: <u>Flux Power</u>

**Contacts**

**Media & Investor Relations:**<br><u>info@fluxpower.com</u><br>**External Investor Relations:**<br> Chris Tyson**,** Executive Vice President<br> MZ Group - MZ North America<br> 949-491-8235<br> <u>FLUX@mzgroup.us</u><br> <u>www.mzgroup.us</u>