Current Report Filing (8-k)
January 17 2018 - 11:02AM
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):
January 17, 2018
WPCS INTERNATIONAL
INCORPORATED
(Exact name of Registrant as specified in
its charter)
Delaware
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001-34643
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98-0204758
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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521 Railroad Avenue
Suisun City, California
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94585
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(Address of Principal Executive Office)
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(Zip Code)
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Registrant's telephone number, including
area code (
707) 432-1300
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(Former Name or Former Address, if Changed Since Last Report)
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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:
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x
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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 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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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
¨
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Item 5.07
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Submission of Matters
to a Vote of Security Holders.
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As
previously announced, WPCS International Incorporated (“WPCS” or “the Company”), DropCar, Inc.
(“DropCar”) and DC Acquisition Corporation, a wholly-owned subsidiary of WPCS (“Merger Sub”) have
entered into an Agreement and Plan of Merger and Reorganization, dated as of September 6, 2017, as amended (the “Merger
Agreement”), pursuant to which, among other things, subject to approval of the stockholders of WPCS and the
satisfaction or waiver of the other conditions set forth in the Merger Agreement, Merger Sub will merge with and into
DropCar, with DropCar surviving the merger as a wholly-owned subsidiary of WPCS (the “Merger”). In the Merger,
DropCar stockholders will receive shares of WPCS common stock in exchange for their DropCar securities which, together with
the shares of the WPCS common stock to be issued to certain DropCar advisors, will represent a majority of the issued and
outstanding shares of WPCS common stock immediately after the Merger. In addition, in the Merger, WPCS will issue WPCS
warrants to holders of DropCar warrants in exchange for their DropCar warrants.
On January 17,
2018, WPCS issued a press release announcing that the Special Meeting of WPCS Stockholders (the “Special Meeting”)
held on January 17, 2018 at 9:30 a.m. Eastern Standard Time to vote upon the Merger and related proposals as set forth in the WPCS
proxy statement/ prospectus/ information statement dated December 14, 2017 (the “Record Date”) and filed with
the Securities and Exchange Commission (the “SEC”) on December 18, 2017 (the “Proxy Statement”) was convened
and adjourned, without any business being conducted other than the adjournment, to allow additional time for stockholders to vote
on the proposals set forth in the Proxy Statement. At the Special Meeting, Sebastian Giordano, WPCS’ Chief Executive Officer
and Chair of the Special Meeting, announced that the Special Meeting would reconvene on January 30, 2018 at 9:30 a.m., Eastern
Standard Time, at the same location, Morse, Zelnick, Rose & Lander, LLP, located at 825 Third Avenue, 16
th
Floor,
New York, NY 10022. There was no change to the Record Date.
The disclosures
in Item 5.07 hereof is repeated and restated herein. A copy of the press release referenced in Item 5.07 hereof is attached hereto
as Exhibit 99.1, and is incorporated by reference herein.
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Item 9.01.
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Financial Statements
and Exhibits.
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Additional Information and Where
You Can Find It
In connection with the proposed Merger,
WPCS filed a registration statement on Form S-4, which contains the Proxy Statement, was declared effective by the SEC on December
14, 2017 (SEC File No. 333-220891). Investors and securityholders of WPCS and DropCar are urged to read the Proxy Statement, which
contains important information about WPCS and DropCar, before making any voting or investment decision with respect to the proposed
Merger. The Proxy Statement and other relevant materials, and any other documents filed by WPCS with the SEC, may be obtained free
of charge at the SEC web site at
www.sec.gov
.
In addition, investors and securityholders
may obtain free copies of the documents filed with the SEC by WPCS by directing a written request to: WPCS International Incorporated,
521 Railroad Way, Suisun City, CA 94585, Attention: Chief Financial Officer.
This communication shall not constitute
an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of
a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in Solicitation
WPCS and its directors and executive officers and DropCar and
its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of WPCS
in the proposed transaction. Information regarding the special interests of these directors and executive officers in the proposed
Merger is included in the Proxy Statement referred to above. Additional information regarding the directors and executive officers
of WPCS is also included in WPCS’ Annual Report on Form 10-K for the year ended April 30, 2017, which was filed with the
SEC on July 21, 2017. These documents are available free of charge at the SEC’s web site (www.sec.gov) and from Investor
Relations at WPCS by directing a written request to
IR@wpcs.com
.
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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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WPCS International Incorporated
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Dated: January 17, 2018
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By:
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/s/ David Allen
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David Allen, Chief Financial Officer
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