<SEC-DOCUMENT>0001157523-20-000744.txt : 20200514
<SEC-HEADER>0001157523-20-000744.hdr.sgml : 20200514
<ACCEPTANCE-DATETIME>20200514160613
ACCESSION NUMBER:		0001157523-20-000744
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200513
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200514
DATE AS OF CHANGE:		20200514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CULP INC
		CENTRAL INDEX KEY:			0000723603
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILLS, COTTON [2211]
		IRS NUMBER:				561001967
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0503

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12597
		FILM NUMBER:		20877742

	BUSINESS ADDRESS:	
		STREET 1:		1823 EASTCHESTER DRIVE
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
		BUSINESS PHONE:		3368895161

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2686
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52221196.htm
<DESCRIPTION>CULP, INC. 8-K
<TEXT>
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      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C.&#160; 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">FORM 8-K</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CURRENT REPORT PURSUANT</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO SECTION 13 OR 15(d) OF THE</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><u>Date of Report (Date of earliest event reported) May 13, 2020</u></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;"><u>Culp, Inc.</u></div>
      <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
      <div><br>
      </div>
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            <td style="width: 31.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">North Carolina</div>
            </td>
            <td style="width: 2.82%; vertical-align: top;">&#160;</td>
            <td style="width: 37.6%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">1-12597</div>
            </td>
            <td style="width: 2.82%; vertical-align: top;">&#160;</td>
            <td style="width: 25.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">56-1001967</div>
            </td>
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            <td style="width: 31.21%; vertical-align: top;">
              <div style="text-align: center;">(State or Other Jurisdiction</div>
              <div style="text-align: center;">of Incorporation)</div>
            </td>
            <td style="width: 2.82%; vertical-align: top;">&#160;</td>
            <td style="width: 37.6%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Commission File Number)</div>
            </td>
            <td style="width: 2.82%; vertical-align: top;">&#160;</td>
            <td style="width: 25.56%; vertical-align: top;">
              <div style="text-align: center;">(I.R.S. Employer</div>
              <div style="text-align: center;">Identification No.)</div>
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              <div>1823 Eastchester Drive</div>
              <div>High Point, North Carolina&#160; 27265</div>
            </td>
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              <div style="text-align: center;">(Address of Principal Executive Offices)</div>
              <div style="text-align: center;">(Zip Code)</div>
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            <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(336) 889-5161</div>
            </td>
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            <td style="width: 100%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Not Applicable</div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Former name or address, if changed from last report)</div>
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      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">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):</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">&#9744;&#160;&#160;&#160; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">&#9744;&#160;&#160;&#160; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">&#9744;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">&#9744;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
      </div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Title of each class</div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Trading Symbol</div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Name of exchange on which registered</div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Common stock, par value $0.05 per share</div>
            </td>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">CULP</div>
            </td>
            <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">New York Stock Exchange</div>
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      <div style="background-color: #FFFFFF;">
        <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).&#160; Emerging growth
          company &#9744;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;">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. &#9744;</div>
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      <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;">
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 8.01 &#8211; Other Events</div>
        <div><br>
        </div>
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">As previously disclosed, on April 15, 2020, Culp, Inc. (the &#8220;Company&#8221;) received a loan of $7,605,500 (the &#8220;Loan&#8221;) from Pinnacle Financial Partners
            (&#8220;Lender&#8221;) under the U.S. Small Business Administration (the &#8220;SBA&#8221;) Paycheck Protection Program (the &#8220;PPP&#8221;) of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the &#8220;CARES Act&#8221;).&#160; The Company planned to use the proceeds from the
            Loan for covered payroll costs, rent, and utilities, in accordance with the applicable terms and conditions of the CARES Act, in order to retain more of its employees, maintain payroll and benefits, and make lease and utility payments while
            producing and supplying critical products for essential businesses during the unprecedented business disruption arising from the COVID-19 global pandemic.</div>
          <div><br>
          </div>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Following the Company&#8217;s application and receipt of the Loan, the SBA and U.S. Treasury Department issued new guidance regarding eligibility
          requirements under the PPP, raising questions regarding the eligibility of publicly traded companies to receive loans under the program.&#160; As a result, the Company, out of an abundance of caution, voluntarily repaid the Loan in full on May 13,
          2020.</div>
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      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> SIGNATURES</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">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.</div>
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                <div style="font-weight: bold;">&#160;</div>
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                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">CULP, INC.</div>
              </td>
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                <div style="font-weight: bold;">&#160;</div>
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              <td style="width: 45%;">
                <div style="font-weight: bold;">(Registrant)</div>
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                <div style="font-weight: bold;">&#160;</div>
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              <td style="width: 4%;">
                <div style="font-weight: bold;">By:</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;"><u>/s/ Kenneth R. Bowling</u></div>
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                <div style="font-weight: bold;">&#160;</div>
              </td>
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                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">Chief Financial Officer</div>
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                <div style="font-weight: bold;">&#160;</div>
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                <div style="font-weight: bold;">&#160;</div>
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              <td style="width: 45%;">
                <div style="font-weight: bold;">(principal financial officer)</div>
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                <div style="font-weight: bold;">&#160;</div>
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                <div style="font-weight: bold;">&#160;</div>
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              <td style="width: 4%;">
                <div style="font-weight: bold;">By: <br>
                </div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;"><u>/s/ Thomas B. Gallagher, Jr.</u></div>
              </td>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">Corporate Controller</div>
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                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">(principal accounting officer)</div>
              </td>
            </tr>

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      <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;"> <br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Dated:&#160; May 14, 2020</u></div>
      <br>
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  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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