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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: June 2, 2006
Simtek Corporation
(Exact Name of Registrant as Specified in Charter)
Colorado 0-19027 84-1057605
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification #)
4250 Buckingham Dr. #100, Colorado Springs, CO 80907
(Address of Principal Executive Office)
(719) 531-9444
(Registrant's telephone number, including area code)
[ ] 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))
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Item 1.01 Entry into a Material Definitive Agreement.
On June 2, 2006, Simtek Corporation (the "Company") secured a $3.6 million
revolving line of credit by entering into an Account Purchase Agreement (the
"Agreement") with Wells Fargo Bank, National Association ("Wells Fargo").
Pursuant to the Agreement, the Company may sell up to $3.6 million of eligible
accounts receivable to Wells Fargo. Advances of the purchase price for the
eligible receivables will be at an agreed upon discount to the face value of the
eligible receivable. The amount actually collected on any receivable by Wells
Fargo that is beyond the advance will be forwarded to the Company, less certain
discounts and fees retained by Wells Fargo (including a minimum fee of $7,500
per month for the term of the Agreement). To secure the Company's obligations
under the Agreement, the Company granted Wells Fargo a security interest in
certain of the Company's property. The Agreement has a term of two years, but
may be terminated at any time by the Company upon 60 days' written notice.
Copies of the Agreement and the press release announcing the Agreement are
included herewith and attached as Exhibit 10.1 and Exhibit 99.1, respectively.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
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10.1 Account Purchase Agreement, effective June 2, 2006,
by and between the Company and Wells Fargo Bank,
National Association, acting through its Wells Fargo
Business Credit operating division.
99.1 Press release of the Company, dated June 7, 2006,
titled "Simtek Secures Revolving Credit Agreement
with Wells Fargo Business Credit".
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SIGNATURE
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.
SIMTEK CORPORATION
By: /s/Brian Alleman
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Brian Alleman, Chief Financial Officer
June 8, 2006
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EXHIBIT INDEX
Exhibit Number Description
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10.1 Account Purchase Agreement, effective June 2, 2006, by and
between the Company and Wells Fargo Bank, National
Association, acting through its Wells Fargo Business Credit
operating division.
99.1 Press release of the Company, dated June 7, 2006, titled
"Simtek Secures Revolving Credit Agreement with Wells Fargo
Business Credit".
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