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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): March 11, 2026 (March 6, 2026)
EDUCATIONAL DEVELOPMENT CORPORATION
(Exact
name of registrant as specified in its charter)
| Delaware |
|
000-04957 |
|
73-0750007 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(I.R.S
Employer
Identification No.) |
5402 S 122nd E Avenue, Tulsa, Oklahoma 74146
(Address
of principal executive offices and Zip Code)
(918) 622-4522
(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 communications 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:
| Common Stock, $.20 par value |
|
EDUC |
|
NASDAQ |
| (Title
of class) |
|
(Trading
symbol) |
|
(Name of
each exchange on which registered) |
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 March 6, 2026, Educational Development Corporation
(the “Company”) executed a Credit Agreement (“Loan Agreement”) with Regent (the “Lender”). The Loan
Agreement establishes a revolving promissory note in the principal amount up to $2,000,000 (the “Revolving Loan”).
Features of the Credit Agreement include:
| (i) | $2.0 million Revolving Loan
with 1 year maturity date of March 6, 2027 |
| (ii) | Revolving Loan bears interest
at the higher rate of the Prime Rate + 2.00% or 7.00% |
| (iii) | Revolving Loan is collateralized
by the Company’s Accounts Receivable, Eligible Inventory, Fixed Assets, and Excess Land |
| (iv) | Guarantor Agreement with Craig
White, President and Chief Executive Officer |
The foregoing description of the Loan Agreement
is not complete and is qualified in all respects subject to the actual provisions of the Loan Agreement, a copy of which has been filed
as Exhibit 10.01 and is incorporated by reference herein.
ITEM 9.01 FINANCIAL
STATEMENTS AND EXHIBITS
Exhibit
Number |
|
Description |
| 10.01 |
|
Credit Agreement dated March 6, 2026 by and between the Company and Regent
Bank Broken Arrow, OK |
| 99.1 |
|
Press Release dated March 11, 2026 |
| 104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained
in Exhibit 101) |
SIGNATURE
Pursuant to the requirements of the Exchange Act,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Educational Development Corporation |
|
| |
|
| By: |
/s/ Craig M. White |
|
| |
Craig M. White |
|
| |
President and Chief Executive Officer |
|
| |
|
|
| Date: |
March 11, 2026 |
|
Exhibit 99.1
PRESS RELEASE
EDUCATIONAL DEVELOPMENT CORPORATION
ANNOUNCES NEW LOAN AGREEMENT AND BANKING RELATIONSHIP
TULSA, OK, March 11, 2026, Educational Development
Corporation (“EDC”) (NASDAQ: EDUC) (http://www.edcpub.com) today announced that the Company has executed a new Credit Agreement
(“Loan Agreement”) with Regent Bank. The Loan Agreement establishes a revolving promissory note in the principal amount up
to $2,000,000 (the “Revolving Loan”). Interest shall be calculated each month on the borrowings outstanding. No funds were
initially drawn on the agreement. The Credit Agreement was secured by the assets of the Company including; accounts receivable, inventory,
equipment and excess land. As an additional inducement to enter into the Loan Agreement, the Lender required the personal guarantee of
Craig White (“Guarantor”), President and Chief Executive Officer of the Company.
Along with the new Loan Agreement, the Company
will begin transitioning its treasury and other financial services to Regent Bank.
Mr. White commented, “As we have previously
announced, we have been looking to work with a new lender on our short term borrowing needs. We are pleased to announce that we have executed
a new relationship that offers us a revolving loan which will allow us to purchase new titles and execute our growth strategy. With our
new relationship with Regent Bank, we will have increased borrowing capacity with reduced interest rates on borrowings from our previous
lender. The increased capacity comes with an expanded definition of our eligible assets associated with our revolving loan. We appreciate
this vote of confidence from Regent Bank in our business, people, platform and strategy. I also want to thank our team for their hard
work in executing this new financial partnership.”
About Educational Development Corporation (EDC)
EDC is a publishing company specializing in books
for children. EDC is the exclusive United States Multi-Level Marketing distributor of Usborne Publishing Limited (“Usborne”)
children’s books and the owner and exclusive publisher of Kane Miller Books (“Kane Miller”); both international award-winning
publishers of children’s books. EDC’s current catalog contains almost 2,000 titles, with new additions semi-annually. Products
are sold via 4,000 retail outlets and by independent consultants, who hold book showings in individual homes, through social media, book
fairs with school and public libraries, direct and internet sales.
Contact:
Educational Development Corporation
Craig White, (918) 622-4522
