secwatch.observer — SEC 8-K summary
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Issuer:     SMITH MIDLAND CORP (SMID)
CIK:        0000924719
Form:       8-K
Filed at:   2022-02-16T23:59:59+00:00
Accession:  0001654954-22-001739
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Smith-Midland issues $2.8M promissory note at 4.09% for Virginia real estate
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- $2,805,000 note payable to Summit Community Bank, fixed 4.09% interest rate, 15-year term.
- Monthly principal and interest payments of $20,956; loan matures February 10, 2037.
- Collateralized by first lien on approximately 29.8 acres in Midland, VA acquired earlier.
- Covenants limit annual capital expenditures to $3.5M and require tangible equity of $10.0M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/924719/000165495422001739/0001654954-22-001739-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/924719/000165495422001739/smid_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-22-001739

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer