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 18, 2018
ACORN ENERGY, INC.
(Exact name of Registrant as Specified in its Charter)
Delaware | 001-33886 | 22-2786081 | ||
(State or Other Jurisdiction | (Commission | (IRS Employer | ||
of Incorporation) | file Number) | Identification No.) |
3844 Kennett Pike, Wilmington, Delaware | 19807 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (302) 656-1707
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-2 under the Exchange Act (17 CFR 240.14a-2) |
[ ] | 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)) |
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 18, 2018, Acorn Energy, Inc. entered into a Share Purchase Agreement for the sale of its remaining 41.15% interest in DSIT Solutions, Ltd. for $5.8 million, before fees and taxes, to joint purchasers Danbel Holdings Ltd. and M.N. Wasserman Ltd., both of which are Israeli corporations. Proceeds from the sale will be used to eliminate Acorn’s debt, satisfy liabilities and provide working capital. The transaction is expected to close within 30 days, subject to the satisfaction of specific closing conditions, including approval of the Israeli Antitrust Authority.
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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 on this 19th day of January, 2018.
ACORN ENERGY, INC. | ||
By: | /s/ Michael Barth | |
Name: | Michael Barth | |
Title: | Chief Financial Officer |
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