Current Report Filing (8-k)
February 23 2021 - 4:56PM
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)
|
February
9, 2021
|
DSG
GLOBAL INC.
|
(Exact
name of registrant as specified in its charter)
|
Nevada
|
|
000-53988
|
|
26-1134956
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
312
– 2630 Croydon Drive
Surrey,
British Columbia, Canada
|
|
V3Z
6T3
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Registrant’s
telephone number, including area code
|
(604)
575-3848
|
N/A
|
(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:
[ ]
|
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))
|
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
|
|
Trading
Symbol(s)
|
|
Name
of each exchange on which registered
|
Common
Shares
|
|
DSGT
|
|
OTC
|
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. [ ]
Item
1.01 Entry into a Material Definitive Agreement
On
October 5, 2020, DSG Global Inc. (“we”, “us”, “our”, the “Company”), through its
announced that its subsidiary, Imperium Motor Corp. entered into strategic partnership a Memorandum of Understanding dated September
10, 2020 with Skywell Shenzen Vehicles Co. Ltd. aka Skywell New Energy Automobile Group Co., Ltd. (“Skywell”), a leading
manufacturer of electric vehicles in China. Pursuant to the Memorandum of Understanding, Imperium received the exclusive right,
subject to placement of an initial vehicle order and corresponding payment to Skywell, to purchase, homologate, and distribute
Skywell’s range of ET5 electric sport utility vehicles in North America and the Caribbean. The Memorandum of Understanding,
while stated to be non-binding, provided for the conclusion of a definitive agreement by the parties following the placement of
an initial vehicle order by the Company. The definitive agreement was to have a minimum term of 3 years, and renew automatically
for successive 3-year terms, subject to the right of each party to terminate the agreement by giving 30 days’ notice prior
to renewal.
Effective
February 9, 2021, the Company entered into a definitive OEM Cooperation Agreement with Skywell dated February 5, 2021, which agreement
modifies and replaces the Memorandum of Understanding. Pursuant to the OEM Cooperation Agreement, Skywell has granted to the Company
the exclusive right to distribute Skywell’s electric passenger cars, trucks (including but not limited to the ET5 sport
utility vehicle), buses and spare parts in the United States and Canada for a 5 year term. In order to maintain the distributions
rights accorded by the agreement, the Company must purchase and deliver 1,000 units within the first year of the term, 2,000 units
in the second year, 3,000 units in the third year, 4,000 units in the fourth year, and 5,000 units in the fifth and final year
of the term. Skywell may terminate the agreement in its distribution with 30 days’ notice if the Company fails to satisfy
sales quotas. Product price, terms of payment and logistical matters are subject to the ongoing approval and agreement of the
parties from time to time.
Item
9.01 Financial Statements and Exhibits
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.
DSG
GLOBAL INC.
|
|
|
|
/s/
Robert Silzer
|
|
Robert
Silzer
|
|
President,
CEO and Director
|
|
DSG Global (CE) (USOTC:DSGT)
Historical Stock Chart
From Aug 2024 to Sep 2024
DSG Global (CE) (USOTC:DSGT)
Historical Stock Chart
From Sep 2023 to Sep 2024