SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
|Date of Report (Date of Earliest Event Reported): June 14, 2021 (June 11, 2021)|
CUMBERLAND PHARMACEUTICALS INC.
(Exact name of registrant as specified in its charter)
|(State or other jurisdiction of incorporation)||(Commission File Number)||(I.R.S. Employer Identification No.)|
| || || |
2525 West End Avenue, Suite 950, Nashville, Tennessee 37203
|(Address of principal executive offices) (Zip Code)|
|(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:
| ||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))|
Securities registered pursuant to Section 12(b) of the Act:
|Class||Trading Symbol||Name of exchanged on which registered|
|Common stock, no par value||CPIX||NASDAQ Global Select 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 o
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. o
Item 1.01 Termination of a Material Definitive Agreement - Paycheck Protection Program Loan Granted under the Cares Act is Forgiven
On April 20, 2020, Cumberland Pharmaceuticals, Inc. (the “Company”), received the funding of a loan (“Loan”) from Pinnacle Bank in the aggregate amount of $2,187,140 pursuant to the Paycheck Protection Program (the “PPP”) under the Federal Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), which was enacted March 27, 2020. The PPP is administered by the U.S. Small Business Administration (SBA).
The Loan, which was in the form of a Note dated April 14, 2020, maturing on April 14, 2022, and bearing interest at a rate of 1.0% per year, payable monthly commencing during November 2020. Funds from the Loan were to be used to maintain payroll, continue group health care benefits and pay for rent and utilities. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. Consistent with terms of the Loan, the Company used the Loan amount for such qualifying expenses.
In May 2021, the Company made an application with the SBA for loan forgiveness.
On June 11, 2021, the Company received a formal notice from the SBA that the full amount of the Loan is forgiven.
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.
| || ||Cumberland Pharmaceuticals Inc.|
|Dated: June 14, 2021|| || ||By:||/s/ John Hamm|
| || ||John Hamm|
| || ||Chief Financial Officer|