Amended Current Report Filing (8-k/a)
May 16 2019 - 6:55AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K/A
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 5, 2019
2050
MOTORS, INC.
(Exact
name of Registrant as specified in its Charter)
California
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001-13126
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83-3889101
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
No.)
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(IRS
Employer
Identification
No.)
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1340
Brook Street, Unit M, St. Charles, Illinois 60714
(Address
of principal executive offices)
(630)
708-0750
(Registrant’s
Telephone Number)
(Former
name or 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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[ ]
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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 (17 CFR
230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) [X]
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 [X]
2050
Motors, Inc. is referred to herein as “we”, “us”, or “us”
Background
On
May 5, 2019, 2050 Motors, Inc. executed a Securities Purchase Agreement (SPA) with our CEO, Vikram Grover, for an investment of
$483,000.00 in value for 400,000 Series B Convertible Preferred Shares priced at $1.2075 per share. Since the signing of that
Agreement, we received notice that the Secretary of State of California approved and filed our Certificate of Determination for
a newly created class of Series B Convertible Preferred Shares, and on May 15, 2019, we sent an issuance resolution to our transfer
agent thereby completing the transaction. Accordingly, we have issued Vikram Grover 400,000 Series B Convertible Preferred Shares
in exchange for 210,000,000 free-trading common shares of Mobicard Inc. aka Peer to Peer Network (OTC/PTOP) previously in his
name. The newly issued Series B Convertible Preferred Shares are RESTRICTED CONTROL SECURITIES and unable to be converted into
common shares and/or sold except under Rule 144 provisions enforced by the Securities and Exchange Commission (see
https://www.sec.gov/reportspubs/investor-publications/investorpubsrule144htm.html
).
Additionally, at present, 2050 Motors, Inc. does not have any common shares available to allow for conversion of these preferred
shares. This filing supplements our original Form 8-K filing dated May 6, 2019 regarding the SPA and related documentation.
ITEM
1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On
May 5, 2019, 2050 Motors, Inc. executed a Securities Purchase Agreement with our CEO, Vikram Grover, for an investment in the
Company of $483,000.00 in the form of 210,000,000 free-trading common shares of Peer to Peer Network aka Mobicard Inc. As consideration,
the Company is issuing the investor 400,000 newly-created 1% Cumulative Series B Preferred Shares, each of which bears a restrictive
legend, is convertible into 1,000 common shares, and has 1,000 votes on corporate matters. The investment is intended to strengthen
the Company’s balance sheet, provide liquidity and facilitate capital raising.
Item
9.01. Exhibits
(a)
Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
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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2050
MOTORS, INC.
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Date:
May 16, 2019
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By:
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/s/
Vikram Grover
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Vikram
Grover
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Chief
Executive Officer
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