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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 17, 2023
ADDVANTAGE TECHNOLOGIES GROUP, INC.
(Exact name of Registrant as specified in its Charter)
Oklahoma
(State or other Jurisdiction of Incorporation)
1-1079973-1351610
(Commission file Number)(IRS Employer Identification No.)
1430 Bradley Lane, Suite 196, Carrollton, Texas
75007
(Address of Principal Executive Offices)(Zip Code)
(918) 251-9121
(Registrant's Telephone Number, Including Area Code)
(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 (see General Instruction A.2. below):
☐Written Communication 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:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $0.01AEYNASDAQ

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

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 December 17, 2023, ADDvantage Technologies Group, Inc. (the “Company”) signed Modification Addendums (the “Modification”) to its accounts receivable purchase facilities with Vast Bank, N.A. (“Vast”) for its subsidiaries, namely Nave Communications Company (“Nave”), ADDvantage Triton, LLC (“Triton”) and Fulton Technologies, Inc. (“Fulton”) pursuant to which Vast agreed to extend the Nave, Triton, and Fulton accounts receivable purchase facilities to April 17, 2024.

After Modification, the Nave and Triton facilities provide credit capacities of $5.0 million and $1.0 million, respectively. Vast will charge a fee of 2.45% to Nave and 1.95% to Triton of sold receivables.

The Fulton facilities, after Modification, provide a credit capacity excluding a major customer of $5.0 million, with a fee of 2.0% of sold receivables, and credit capacity secured by receivables of a major customer of $0.5 million, with a fee of 1.6% of sold receivables.

For all four facilities, Vast advances 90% of sold receivables and establishes a reserve of 10% of the sold receivables at initial sale, which increases to 100% over time after 120 days, until the Company collects the sold receivables.


Item 2.03 Creation of a Direct Financial Obligation or An Obligation Under an Off-Balance Sheet Arrangement.

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




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.
ADDvantage Technologies Group, Inc.
Date: December 21, 2023
/s/ Michael A. Rutledge
Name: Michael A. Rutledge
Title: Chief Financial Officer

v3.23.4
Cover
Dec. 17, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Dec. 17, 2023
Entity Registrant Name ADDVANTAGE TECHNOLOGIES GROUP, INC.
Entity Incorporation, State or Country Code OK
Entity File Number 1-10799
Entity Tax Identification Number 73-1351610
Entity Address, Address Line One 1430 Bradley Lane
Entity Address, Address Line Two Suite 196
Entity Address, City or Town Carrollton
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75007
City Area Code 918
Local Phone Number 251-9121
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Central Index Key 0000874292
Amendment Flag false
Title of 12(b) Security Common stock, par value $0.01
Trading Symbol AEY
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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