Current Report Filing (8-k)
November 28 2016 - 4:27PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): November 28, 2016 (November 21, 2016)
EZTD
INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
000-51255
|
|
98-0374121
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
6
Yehezkel Koifman Street, Tel-Aviv
68012,
Israel
(Address
of Principal Executive Offices)
+972-73-705-8000
(Issuer’s
telephone number)
(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 to the registrant
under any of the following provisions:
☐
|
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 21, 2016, EZTD Inc. (the “Company”) entered into a Standby Equity Distribution Agreement (the “SEDA”)
with YAII PN, Ltd. (“YA II”), a Cayman Islands exempt limited partnership and an affiliate of Yorkville Advisors Global,
LLC, for the sale of up to $10 million of shares of the Company’s common stock, par value $0.03 per share, over a three-year
commitment period. Under the terms of the SEDA, the Company may from time to time, in its discretion, sell newly-issued
shares of its common stock to YA II at a discount to market of 2.0%. The Company has agreed to file a registration statement
on Form S-1 (the “Registration Statement”) within 60 days of the execution of the SEDA. In addition, the Company has
agreed to issue YAII a commitment fee equal to $100,000 of the Company’s common stock on the 1 year anniversary of the SEDA.
The
Company is not obligated to utilize any of the $10 million available under the SEDA and there are no minimum commitments or minimum
use penalties. The total amount of funds that ultimately can be raised under the SEDA over the three-year term will depend
on the market price for the Company’s common stock and the number of shares actually sold.
The
SEDA does not impose any restrictions on the Company’s operating activities. During the term of the SEDA, YA II is prohibited
from engaging in any short selling or hedging transactions related to the Company’s common stock.
A
copy of the SEDA is attached hereto as Exhibit 10.1 and incorporated by reference herein. This Current Report on Form 8-K
shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
Item 2.03
|
Creation of a Direct Financial Obligation or an Obligation
Under an Off-Balance Sheet Arrangement of the Registrant.
|
Also,
on November 21, 2016, the Company entered into a Note Purchase Agreement with YA II (the “Note Purchase Agreement”),
whereby YA II will purchase $1 million of notes from the Company (the “Notes”), with $500,000 of such Notes being
issued on November 21, 2016 and a second tranche of $500,000 of Notes being issued upon the filing of the Registration Statement,
among other requirements. The outstanding principal balance of the Notes shall bear interest at 8% per annum. On a monthly basis
commencing on February 1, 2016, the Company shall make payments of $50,000 of principal plus accrued interest on the outstanding
Notes. The first $500,000 tranche of the Notes is due and payable on November 21, 2017. Upon the occurrence of an Event of Default
under the Notes, all amounts payable may be due immediately.
A
copy of the Note Purchase Agreement is attached hereto as Exhibit 10.2 and incorporated by reference herein.
Item 9.01.
|
Financial Statements and Exhibits
|
(d)
Exhibits
|
10.1
|
Standby
Equity Distribution Agreement, dated as of November 21, 2016, between EZTD Inc. and YA
II PN, Ltd.
|
|
10.2
|
Note
Purchase Agreement, dated as of November 21, 2016, between EZTD Inc. and YA II PN, Ltd.
|
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.
Dated: November 28, 2016
|
EZTD INC.
|
|
|
|
|
By:
|
/s/ Shimon Citron
|
|
Name:
|
Shimon Citron
|
|
Title:
|
Chief Executive Officer
|
3
EZTD (CE) (USOTC:EZTD)
Historical Stock Chart
From Mar 2024 to Apr 2024
EZTD (CE) (USOTC:EZTD)
Historical Stock Chart
From Apr 2023 to Apr 2024