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CVD EQUIPMENT CORPORATION

(CVV)
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CVD EQUIPMENT CORP : Termination of a Material Definitive Agreement (form 8-K)

06/16/2021 | 04:08pm EDT

Item 1.02 Termination of a Material Definitive Agreement.

As previously reported by CVD Equipment Corporation (the "Company") in its Current Report on Form 8-K filed on April 22, 2020, the Company was granted a loan in the principal amount of $2,415,970 (the "PPP Loan") pursuant to the Paycheck Protection Program under Division A, Title I of the CARES Act, which was enacted by the United States Congress on March 27, 2020. The PPP Loan to the Company was made through HSBC Bank USA, National Association (the "Lender"), and the Company entered into a note and loan agreement with the Lender evidencing the PPP Loan.

In April 2021, the Company submitted a PPP Loan forgiveness application to the U.S. Small Business Administration ("SBA") through the Lender.

On June 14, 2021, the Company received notification from the Lender that on June 10, 2021 the SBA approved the Company's PPP Loan forgiveness application and remitted payment to the Lender for the entire principal amount of the PPP Loan and accrued interest. The forgiveness of the PPP Loan will be recognized during the Company's second quarter ending June 30, 2021.

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 16,9 M - -
Net income 2020 -6,07 M - -
Net Debt 2020 6,10 M - -
P/E ratio 2020 -3,97x
Yield 2020 -
Capitalization 27,7 M 27,7 M -
EV / Sales 2019 1,25x
EV / Sales 2020 1,79x
Nbr of Employees 130
Free-Float 82,7%
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Managers and Directors
Emmanuel Lakios President, Chief Executive Officer & Director
Thomas McNeill CFO, Secretary, Treasurer & Executive VP
Lawrence J. Waldman Non-Executive Chairman
Maxim Shatalov Vice President-Engineering & Technology
Conrad J. Gunther Independent Director
Sector and Competitors