Current Report Filing (8-k)
February 21 2020 - 5:30PM
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 21, 2020 (February 17, 2020)
EDISON
NATION, INC.
(Exact Name of Registrant as Specified in
Charter)
Nevada
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001-38448
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82-2199200
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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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1 West Broad Street, Suite 1004
Bethlehem, Pennsylvania
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18018
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(Address of principal executive offices)
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(Zip Code)
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(484) 893-0060
(Registrant’s Telephone Number, Including
Area Code)
(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:
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¨
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Securities registered pursuant
to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on
which registered
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Common Stock, $0.001 par value per share
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EDNT
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Nasdaq
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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 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
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Item 1.01.
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Entry into a Material
Definitive Agreement.
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As reported on Edison Nation, Inc.’s (the “Company”)
Current Report on Form 8-K filed with the United States Securities and Exchange Commission on October 30, 2018, the Company purchased
72.15% of the outstanding capital stock of Cloud B, Inc. (“Cloud B”).
On
February 17, 2020, the Company entered into that certain Agreement for the Purchase and Sale of Cloud B, Inc.(the “Purchase Agreement”),
with Pearl 33 Holdings, LLC (the “Buyer”), pursuant to which the Buyer purchased from the
Company (and the Company sold and assigned) 80,065 shares of common stock of Cloud B (the “Cloud B Shares”) for $1.00,
constituting a 72.15% ownership interest in Cloud B, based on 110,964 shares of Cloud B’s common stock outstanding as of
February 17, 2020.
Release Agreement
Pursuant
to that certain Release Agreement by and between the Company and the Buyer included as an exhibit to the Purchase Agreement,
the Buyer agreed to release any and all claims against the Company, and its officers, directors or affiliates arising from the
Purchase Agreement or the purchase, sale, and assignment of the Cloud B Shares.
Indemnification Agreement
Pursuant to that certain Indemnification Agreement by and
between the Company and the Buyer included as an exhibit to the Purchase Agreement, the Company agreed to indemnify, defend
and hold harmless the Buyer, and its owners, managers and representatives arising from any events that occurred prior to the
purchase, sale, and assignment of the Cloud B Shares to the Buyer. The Company’s indemnification obligations pursuant
to such Indemnification Agreement are limited to the issuance of 150,000 shares of the Company’s common stock to the
Buyer.
The foregoing descriptions of the Purchase
Agreement, Release Agreement and Indemnification Agreement do not purport to be complete and are qualified in their entirety by
reference to the full text of the Purchase Agreement, Release Agreement and Indemnification Agreement, which are collectively filed
as Exhibits 10.1 hereto.
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Item 9.01.
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Financial Statements
and Exhibits.
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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 thereunto duly authorized.
Date: February 21, 2020
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EDISON NATION, INC.
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By:
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/s/ Christopher B. Ferguson
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Name:
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Christopher B. Ferguson
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Title:
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Chief Executive Officer
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