ITEM 1.01 Entry Into a Material Definitive Agreement.
On
The Notes are convertible into shares of the Company's common stock, par value
The Warrants are exercisable on or after the date that is four months after the
Uplisting Date (the "Initial Exercise Date") and on or prior to the close of
business on the five-year anniversary of the Initial Exercise Date. The Warrant
entitles the Investor to purchase up to 100% of that number of shares of Common
Stock into which the Note may be converted, subject to adjustment under certain
circumstances described in the Warrants, and has an exercise price of
The Investor will have "piggyback" registration rights that will allow the Investor to elect to have the Common Stock underlying the Notes and the Warrants included in any underwritten public offering of equity securities subsequently initiated by the Company. The Common Stock included in any underwritten public offering initiated by us will be subject to limitation based on the discretion of the underwriter of such offering.
The Notes and Warrants sold were not registered under the Securities Act of
1933, as amended (the "Securities Act") or the securities laws of any state, and
were offered and sold in reliance upon the exemption from registration afforded
by Section 4(a)(2) under the Securities Act and Regulation D promulgated
thereunder and corresponding provisions of state securities laws, which exempt
transactions by an issuer not involving any public offering. The Investor is an
"accredited investor" as such term is defined in Regulation D promulgated under
the Securities Act. This Current Report on Form 8-K shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall such securities
be offered or sold in
The foregoing descriptions of the Notes, the Warrants and the Purchase Agreement do not purport to be complete descriptions of the rights and obligations of the parties thereunder and are qualified in their entirety by reference to the full text of such agreements, copies of which are attached hereto as Exhibits 4.1, 4.2 and 10.1, respectively.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off
Balance Sheet Arrangement of a Registrant
The information set forth in "Item 1.01 Entry into a Material Definitive Agreement" relating to the issuance of the Notes pursuant to the Purchase Agreement is incorporated by reference herein in its entirety.
Item 3.02 Unregistered Sales of
The information set forth in "Item 1.01 Entry into a Material Definitive Agreement" relating to the issuance of the Notes and Warrants pursuant to the Purchase Agreement is incorporated by reference herein in its entirety. The Company issued the Notes and Warrants in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished with this report:
Exhibit No. Exhibit Description 4.1 Form of Note, between the Company and the Investor. 4.2 Form of Warrant, between the Company and the Investor. 10.1 Form of Securities Purchase Agreement between the Company and the Investor. 104 Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)
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