Current Report Filing (8-k)
December 14 2016 - 6:04AM
Edgar (US Regulatory)
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
December
7, 2016
Date
of Report (Date of earliest event reported)
Immune
Therapeutics, Inc.
(Exact
name of registrant as specified in its charter)
Florida
|
|
000-54933
|
|
59-3226705
|
(State
or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer
Identification No.
|
37
North Orange Ave, Suite 607, Orlando, FL
|
|
32801
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Registrant’s
telephone number, including area code
888-613-8802
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 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
2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Other Events
On December 7, 2016, Immune Therapeutics,
Inc. (the “Company”) received a notice via email from St. George Investments, LLC (“St. George”) that the
Company is in default of that certain promissory note (the “Note”), dated May 5, 2016, between St. George and the Company
in the principal amount of $305,000. Pursuant to the Note, the Company was to pay all outstanding principal and interest by November
6, 2016, which did not occur and triggered the event of default.
As an effect of the default, interest
under the Note was increased to 25% per annum. In addition, St. George declared what is defined as a “Default Effect”
under the Note, the effect of which was to increase the outstanding balance of the Note by 15%, or $45,750. St. George may apply
two more Default Effects for “Major Defaults,” increasing the balance by 15%, and three more Default Effects for “Minor
Defaults;” Default Effects for Minor Defaults increase the outstanding balance by 5%.
As a further effect of the default,
St. George is entitled to convert into common shares of the Company pursuant to the terms of the Note at an unadjusted rate of
$0.20 per share; however, the Company is in the process of negotiating a standstill agreement with St. George, whereby it is expected
that St. George will agree not to make any further conversions under the Note until February 10, 2017, for which the Company intends
to grant St. George 650,000 shares of its common stock.
This current report contains forward-looking statements regarding our intentions to effectuate a standstill
agreement with St. George. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions.
Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual
results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely
unduly on any forward-looking statements. We expressly disclaim any obligation to update any forward-looking statement in the event
it later turns out to be inaccurate, whether as a result of new information, future events or otherwise.
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.
|
IMMUNE THERAPEUTICS, INC.
|
|
|
|
Date:
December 13, 2016
|
By:
|
/s/
Noreen Griffin
|
|
|
Noreen
Griffin, CEO
|
Immune Therapeutics (PK) (USOTC:IMUN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Immune Therapeutics (PK) (USOTC:IMUN)
Historical Stock Chart
From Apr 2023 to Apr 2024