Current Report Filing (8-k)
August 14 2019 - 8:39AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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 28, 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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25
N River Lane Suite 2050, Geneva, IL 60134
(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”
ITEM
8.01 Other Events
On
June 28, 2019, our Definitive Agreement to form a 50%-50% joint venture with CLEC Networks, Inc. to build a facilities-based telecommunications
provider in the northeast United States expired. Our exit from this undertaking eliminated our need to issue 100,000 Series B
Preferred Shares, convertible into 100,000,000 common shares, and an obligation to raise up to $175,000 cash to infuse into the
business. Such a capital raise was not feasible at current stock prices and given the nascent nature of the JV – however
proven the model – as it would have resulted in unacceptable dilution to 2050 shareholders.
Management
is focusing 2050 Motors, Inc.’s resources on the development of Internet businesses that are infinitely scalable with high
ROI potential. As a result, the Company does not intend to rework its communications venture terms. Management intends to deploy
capital to 2050’s cannabis social network,
www.Kanab.Club
, which should be available for beta testing later this
year, and its electric vehicle investment opportunity,
www.erideclub.com
. Management intends to launch SAFE offerings (
https://www.ycombinator.com/documents/
)
for these subsidiaries during summer/fall 2019 to capitalize and launch them, possibly as their own stand-alone public companies.
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:
August 14, 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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