Current Report Filing (8-k)
June 09 2017 - 5:02PM
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): June 6, 2017
POSITIVEID
CORPORATION
(Exact
name of registrant as specified in its charter)
Delaware
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001-33297
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06-1637809
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(State
or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification Number)
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1690
South Congress Avenue, Suite 201
Delray
Beach, Florida 33445
(Address
of principal executive offices) (zip code)
(561)
805-8000
(Registrant’s
telephone number, including area code)
(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):
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Cautionary
Note on Forward-Looking Statements
This
Current Report on Form 8-K (this “Report”) and any related statements of representatives and partners of the Company
contain, or may contain, among other things, certain “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). Such forward-looking statements involve significant risks and uncertainties.
Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections,
expectations and intentions and other statements identified by words such as “projects,” “may,” “will,”
“could,” “would,” “should,” “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” or similar expressions. These statements are based upon the
current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including
those detailed in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Actual results
may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain
risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control).
The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Item
1.01 Entry into a Material Definitive Agreement.
On
June 6, 2017, PositiveID Corporation (the “Company”) entered into a Securities Purchase Agreement (“SPA”)
with Union Capital, LLC (the “Investor”), providing for the purchase of two Convertible Redeemable Notes in the aggregate
principal amount of $104,000 (the “Notes”), with the first note being in the amount of $52,000 (“Note I”),
and the second note being in the amount of $52,000 (“Note II”). Note I has been funded, with the Company receiving
$47,500 of net proceeds (net of original issue discount and legal fees). Note II will initially be paid for by the issuance of
an offsetting $50,000 note issued to the Company by the Investor (the “Note”). The funding of Note II is subject to
the mutual agreement of the Investor and the Company. The Investor is required to pay the principal amount of the Note in cash
and in full prior to executing any conversions under Note II. The Notes bear an interest rate of 12%, and are due and payable
on June 6, 2018. The Notes may be converted by the Investor at any time into shares of Company’s common stock (as determined
in the Notes) calculated at the time of conversion, except for Note II, which requires full payment of the Note by the Investor
before conversions may be made. The Notes (subject to funding in the case of Note II) may be converted by the Investor at any
time into shares of Company’s common stock at a price equal to 62.5% of the lowest closing bid price of the common stock
as reported on the OTC Link ATS owned by OTC Markets Group for the 15 prior trading days including the day upon which a notice
of conversion is received by the Company.
The
Notes are long-term debt obligations that are material to the Company. The Notes may be prepaid in accordance with the terms set
forth in the Notes. The Notes also contain certain representations, warranties, covenants and events of default including if the
Company is delinquent in its periodic report filings with the SEC, and increases in the amount of the principal and interest rates
under the Notes in the event of such defaults. In the event of default, at the option of the investors and in the Investors’
sole discretion, the investors may consider the Notes immediately due and payable.
The
foregoing description of the terms of the SPA, Note I, Note II and Note, does not purport to be complete and is qualified in its
entirety by the complete text of the documents attached as, respectively, Exhibit 10.1, Exhibit 4.1, Exhibit 4.2, and Exhibit
10.2, to this Current Report on Form 8-K.
Item
2.03 Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item
3.02 Unregistered Sales of Equity Securities
The descriptions in Item
1.01 of the Notes issued by the Company that are convertible into the Company’s equity securities at the option of the holder
of the note are incorporated herein. The issuance of the securities set forth herein was made in reliance on the exemption provided
by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) for the offer and sale of securities
not involving a public offering, and Regulation D promulgated under the Securities Act. The Company’s reliance upon Section
4(a)(2) of the Securities Act in issuing the securities was based upon the following factors: (a) the issuance of the securities
was an isolated private transaction by us which did not involve a public offering; (b) there was only one recipient; (c) there
were no subsequent or contemporaneous public offerings of the securities by the Company; (d) the securities were not broken down
into smaller denominations; (e) the negotiations for the issuance of the securities took place directly between the individual
and the Company; and (f) the recipient of the securities is an accredited investor. Since May 26, 2017, the Company has issued
(on a post-reverse split basis), in reliance upon Section 4(a)(2) of the Securities Act, 2,399,305 shares of common stock
pursuant to conversion notices of convertible redeemable notes outstanding totaling $68,977. The issuance of such convertible
notes was previously disclosed in the Company’s periodic reports filed with the SEC.
Item
9.01 Financial Statements and Exhibits
Exhibit
Number
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Description
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4.1
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Form
of 12% Convertible Redeemable Note, dated June 6, 2017, with Union Capital, LLC
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4.2
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Form
of 12% Convertible Redeemable Back-End Note, dated June 6, 2017, with Union Capital, LLC
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10.1
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Form
of Securities Purchase Agreement, dated June 6, 2017, with Union Capital, LLC
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10.2
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Form
of Union Capital, LLC Collateralized Secured Promissory Note, dated June 6, 2017, with PositiveID Corporation
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SIGNATURES
Pursuant
to the requirements of the Securities and 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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POSITIVEID
CORPORATION
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Date:
June 9, 2017
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By:
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/s/
William J. Caragol
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Name:
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William
J. Caragol
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Title:
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Chief
Executive Officer
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