Current Report Filing (8-k)
February 13 2017 - 6:26AM
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
Date of Report (date of earliest event reported):
February 6, 2017
QPAGOS
(Exact name of registrant as specified in
charter)
Nevada
(State or other jurisdiction of incorporation)
333-192877
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33-1230229
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(Commission File Number)
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(IRS Employer Identification No.)
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Paseo del la Reforma 404 Piso 15 PH
Col. Juarez, Del. Cuauhtemoc
Mexico, D.F. C.P. 06600
(Address of principal executive offices)
1900 Glades Road, Suite 265
Boca Raton, Florida 33431
(Mailing Address)
+52 (55) 55-110-110
(Registrant’s telephone number, including
area code)
(Former Name and Former Address)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following
provisions:
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¨
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Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12(b) under the Exchange
Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01.
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Entry
into a Material Definitive Agreement.
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On February 6, 2017, QPAGOS, a Nevada corporation
(the “Company”), entered into a Convertible Promissory Note (the “Note”) in the aggregate principal amount
of $200,000. The Note has a maturity date of November 6, 2017 and the Company has agreed to pay interest on the unpaid principal
balance of the Note at the rate of eight percent (8%) per annum from the date on which the Note is issued (the “Issue Date”)
until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company has
the right to prepay the Note, provided it makes a pre-payment penalty as specified in the Note. The transactions described above
closed on February 6, 2017.
The outstanding principal amount of the
Note (if any) is
convertible
at any time and from time to time at the election of the Purchaser
during the period beginning on the date that is 180 days following the Issue Date into shares of
the
Company’s
common stock, par value $0.0001 per share (the “Common Stock”)
at
a conversion price equal to a 40% discount to the average of the three (3) lowest trading bid prices during the previous ten (10)
trading days to the date of conversion
. In addition, upon the occurrence and during the continuation of an Event of Default
(as defined in the Note), the Note will become immediately due and payable and the Company has agreed to pay to the Purchaser,
in full satisfaction of its obligations thereunder, additional amounts as set forth in the Note. The Note also provides for the
payment of liquidated damages for failure to deliver shares of common stock upon conversion requests within specified time periods.
The Note contains certain covenants, such
as restrictions on: (i) distributions on capital stock, (ii) stock repurchases, and (iii) sales and the transfer of assets. The
Note also contains certain anti-dilution provisions that apply in connection with any stock split, stock dividend, stock combination,
recapitalization or similar transactions as well as anti-dilution protection in the case of issuances of securities at prices below
the conversion price in effect at the time of issuance. In addition, subject to limited exceptions, the Purchaser will not have
the right to convert any portion of the Note if the Purchaser, together with its affiliates, would beneficially own in excess of
4.99% of the number of shares of the Company’s Common Stock outstanding immediately after giving effect to its conversion.
The foregoing description of the terms
of the Note and the Securities Purchase Agreement do not purport to be complete and are qualified in their entirety by reference
to the provisions of such agreements, the forms of which are filed as Exhibits 4.1 and 10.1, respectively, to this Current Report
on Form 8-K.
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Item
2.03.
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Creation
of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
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The information required by this Item 2.03
is set forth under Item 1.01 above and is hereby incorporated by reference in response to this Item 2.03.
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Item
3.02.
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Unregistered
Sales of Equity Securities.
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The information required by this Item 3.02
is set forth under Item 1.01 above and is hereby incorporated by reference in response to this Item 3.02. The Note, the shares
of Common Stock issuable upon conversion of the Note were issued without registration under the Securities Act of 1933, as amended
(the “Securities Act”), based on the exemption from registration afforded by Section 4(a)(2) of the Securities Act
and Regulation D promulgated thereunder.
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Item
9.01.
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Financial
Statements and Exhibits.
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The following exhibits are filed with this Current Report on
Form 8-K:
Exhibit 4.1
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Convertible Promissory Note
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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.
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QPAGOS
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Date: February 10, 2017
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By:
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/s/ Gaston Pereira
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Name: Gaston Pereira
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Title: Chief Executive Officer
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EXHIBIT INDEX
Exhibit No.
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Description
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4.1
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Convertible Promissory Note
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