Item 8.01 Other Events.

On February 10, 2023 (the "Issuance Date"), Terren S. Peizer, executive chairman of the board of directors of EVmo, Inc., a Delaware corporation (the "Company"), agreed to provide short-term liquidity financing to the Company in the amount of $1,000,000. As consideration for Mr. Peizer's action, on the Issuance Date the Company issued to Mr. Peizer a secured promissory note (the "Note"), due February 12, 2024 (the "Maturity Date"), in the principal amount of $1,600,000 (the "Principal Amount"). The Note shall not bear interest and, while secured, is expressly in second position to that certain term note issued by the Company on July 9, 2021 to a senior lender, which remains outstanding as of this date, as described in a current report on Form 8-K filed by the Company on July 14, 2021.

The Note has been exchanged for an earlier promissory note in the principal amount of $600,000, issued by the Company to Mr. Peizer on September 30, 2022, which was also non-interest bearing and was scheduled to mature on September 30, 2023 (the "Original Note"), as described in a current report on Form 8-K filed by the Company on October 6, 2022. After the exchange, the Original Note was cancelled.

On the Maturity Date, the Company shall pay the Principal Amount to Mr. Peizer and shall also issue to him a common stock purchase warrant, which will enable Mr. Peizer to purchase up to 12,307,693 shares of the common stock of the Company, par value $0.000001 per share, at an exercise price of $0.13 (the "Warrant"). The Warrant shall be exercisable at any time between the Maturity Date through February 10, 2028.

The Note was issued, and the Warrant shall be issued, in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

© Edgar Online, source Glimpses