Unassociated Document
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): May 25,
2010
_________________
WIDEPOINT
CORPORATION
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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001-33035
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52-2040275
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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18W100
22nd Street, Suite 104, Oakbrook Terrace, Illinois
(Address
of Principal Executive Office)
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60181
(Zip
Code)
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Registrant’s
telephone number, including area code: (630)
629-0003
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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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement.
On January 2, 2008, WidePoint
Corporation (the “Company”) entered into a Commercial Loan Agreement with
Cardinal Bank relating to a $5,000,000 revolving credit facility, which
agreement was amended pursuant to that certain Amended Commercial Loan Agreement
by and between the Company and Cardinal Bank, dated as of March 17, 2009 (as
amended, the “2009 Commercial Loan Agreement”) and which provided for a
repayment date of June 1, 2010. On May 25, 2010, the Company entered
into a debt modification agreement with Cardinal Bank (the “2010 Debt
Modification Agreement”) formally agreeing to amend the 2009 Commercial Loan
Agreement to, among other things, extend the repayment date of the revolving
credit facility from June 1, 2010 to September 1, 2010. See the disclosure under
Item 2.03 below for a more detailed description of this financial
transaction.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
On May
25, 2010, the Company entered into the 2010 Debt Modification Agreement attached
hereto as Exhibit 10.1. The 2010 Debt Modification Agreement sets
forth the agreement of the parties to amend the 2009 Commercial Loan Agreement
to extend the repayment date of the revolving credit facility from June 1, 2010
to September 1, 2010. Advances under the revolving credit facility
will bear interest at a variable rate equal to the Wall Street Journal prime
rate plus 0.5%. For a full description of the terms of the amendment
to the revolving credit facility, see the 2010 Debt Modification Agreement filed
herewith as Exhibit 10.1.
Item
9.01 Financial Statements and Exhibits
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10.1
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Debt
Modification Agreement, dated as of May 25, 2010, between WidePoint
Corporation and its subsidiaries and Cardinal
Bank.
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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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WIDEPOINT
CORPORATION |
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Date:
May 25, 2010
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/s/ James
T. McCubbin |
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James
T. McCubbin |
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Vice
President and Chief Financial Officer |
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WIDEPOINT
CORPORATION
Exhibit
Index to Current Report on Form 8-K
Dated May
25, 2010
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Exhibit
Number
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(10.1)
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Debt
Modification Agreement, dated as of May 25, 2010, between WidePoint
Corporation and its subsidiaries and Cardinal
Bank.
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