Current Report Filing (8-k)
September 03 2019 - 4:31PM
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):
August 29, 2019
AVALON GLOBOCARE CORP.
(Exact name of registrant as specified in
its charter)
Delaware
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000-55709
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47-1685128
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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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4400 Route 9 South, Suite 3100, Freehold,
New Jersey 07728
(Address of principal executive offices)
(zip code)
646-762-4517
(Registrant’s telephone number, including
area code)
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):
☐ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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. ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbols
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Name of each exchange on which registered
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Common Stock, $0.0001 par value per share
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AVCO
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The Nasdaq Capital Market
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Item 1.01. Entry Into a Material
Definitive Agreement.
Avalon GloboCare
Corp. (the “Company”) entered into a Line of Credit Agreement (the “Line of Credit Agreement”)
providing the Company with a $20 million line of credit (the “Line of Credit”) from Wenzhao “Daniel” Lu
(the “Lender”), a significant shareholder and director of the Company.
The Line of Credit
allows the Company to request loans thereunder and to use the proceeds of such loans for working capital and operating expense
purposes until the facility matures on December 31, 2024. The loans are unsecured and are not convertible into equity of the Company.
Loans drawn under
the Line of Credit bears interest at an annual rate of 5% and each individual loan will be payable three years from the date of
issuance. The Company may, at its option, prepay any borrowings under the Line of Credit, in whole or in part at any time prior
to maturity, without premium or penalty.
The Line of Credit
Agreement includes customary events of default. If any such event of default occurs, the Lender may declare all outstanding loans
under the Line of Credit to be due and payable immediately.
The description
above is qualified in its entirety by the Line of Credit Agreement, which is included as Exhibit 10.1 and is incorporated by reference
herein.
Item 2.03.
Creation of a Direct Financing Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Please see the
discussion set forth under Item 1.01, “Entry into a Material Definitive Agreement,” of this Form 8-K, which discussion
is incorporated herein by reference in its entirety.
Item 9.01. Exhibits.
(d) Exhibits.
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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AVALON GLOBOCARE CORP.
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Dated: September 3, 2019
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By:
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/s/ Luisa Ingargiola
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Name: Luisa Ingargiola
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Title: Chief Financial Officer
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