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): November 3, 2015

 

 

Monaker Group, Inc.

(Exact name of Registrant as specified in its charter)

 

Nevada
(State or other jurisdiction of incorporation)

  

 

000-52669 26-3509845
(Commission File Number) (I.R.S. Employer Identification No.)

 

 

2690 Weston Road, Suite 200

Weston, Florida 33331

(Address of principal executive offices zip code)

 

(954) 888-9779

(Registrant’s telephone number, including area code)

 

Next 1 Interactive, Inc. 

(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))

 

 

 

  

Item 1.01. Entry into a Material Definitive Agreement.

 

On November 3, 2015, Monaker Group, Inc. (the “Company”) closed an offering (the “Offering”) of an aggregate of 100,000 units to Monaco Investment Partners II, LP (“Monaco Investments”), an accredited investor, at a price per unit of $2.50 (the “Units”) with each Unit consisting of (i) one (1) share of the Company’s common stock, par value $0.00001 per share (the “Common Stock”), and (ii) one (1) warrant (the “Warrant”) to acquire one (1) share of Common Stock at an exercise price of $1.50 per share, for aggregate cash proceeds of $250,000.  Donald P. Monaco, a member of our Board of Directors, is the managing general partner of Monaco Investments.

 

The Warrants issued in the Offering expire on September 30, 2016, may be exercised on a cashless basis, and contain certain anti-dilution protection provisions, including those that are triggered upon the payment by the Company of a stock dividend, if the Company subdivides or reclassifies its outstanding shares of Common Stock into a greater number of shares, or if the Company combines or reclassifies its outstanding shares of Common Stock into a smaller number of shares. The foregoing description of the Warrants is qualified in its entirety by reference to the full text of the form of Warrant, a copy of which is included as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference herein.

 

The Company intends to use the net proceeds of the above-described Offering for working capital and general corporate purposes, including without limitation, to purchase assets to enhance the Company’s strategy. The Offering is part of a private placement offering in which the Company is offering for sale up to 300,000 Units for gross proceeds of $750,000. To date, the Company has issued an aggregate of 200,000 Units for aggregate cash proceeds of $500,000. All 200,000 Units have been issued to Monaco Investments. The private placement is currently scheduled to terminate on December 4, 2015, but may be extended at the election of the Company.

 

Item 3.02. Unregistered Sales of Equity Securities.

 

The information set forth in Item 1.01 of this Current Report is incorporated by reference in response to this Item 3.02.

 

The 100,000 Units and related shares of Common Stock and Warrants and the shares of Common Stock underlying the Warrants sold in the Offering 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 on the exemption from registration afforded by Section 4(a)(2) and Regulation D (Rule 506) under the Securities Act 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 United States absent registration or an applicable exemption from the registration requirements and certificates evidencing such securities contain a legend stating the same.

 

Item 9.01. Financial Statements and Exhibits.

 

(d)  Exhibits

 

Exhibit No.   Description
     
4.1   Form of Warrant (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (000-52669) filed with the Securities and Exchange Commission on October 7, 2015)
     
     

 

 

 

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.

 

 

  MONAKER GROUP, INC.
     
Date: November 9, 2015 By: /s/ William Kerby
    Name: William Kerby
   

Title:

 

Chief Executive Officer