Artesian Resources Corporation

01/18/2022 | Press release | Distributed by Public on 01/18/2022 10:01

Material Event - Form 8-K


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): January 14, 2022

ARTESIAN RESOURCES CORP
(Exact name of registrant as specified in its charter)

Delaware
000-18516
51-0002090
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

664 Churchmans Road
Newark, Delaware19702
(Address of principal executive offices, including zip code)

(302) 453-6900
(Registrant's telephone number, including area code)

Not Applicable
(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 Securities Exchange Act of 1934:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
 ARTNA
 The Nasdaq Stock Market LLC

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 8.01 Other Events

On January 14, 2022, Artesian Wastewater Management, Inc. ("Artesian Wastewater"), a wholly-owned subsidiary of Artesian Resources Corporation ("Artesian Resources"), completed its previously announced agreement (the "Agreement") to acquire Tidewater Environmental Services, Inc. ("TESI"), a wholly-owned subsidiary of Middlesex Water Company ("Middlesex") that provides regulated wastewater services in Delaware. Artesian Wastewater purchased all of the stock of TESI from Middlesex for $6.4 million in cash and other consideration, including, forgiveness of a $2.1 million intercompany note due from Middlesex. TESI currently serves approximately 3,600 retail customers in Sussex County, Delaware. The Delaware Public Service Commission approved this transaction with TESI on October 27, 2021.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

104
Cover Page Interactive Data File, formatted in Inline XBRL



SIGNATURES
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.

ARTESIAN RESOURCES CORPORATION
Date: January 18, 2022
By: /s/ David B. Spacht
David B. Spacht
Chief Financial Officer