Form 8-K - Current report
December 22 2023 - 5:00PM
Edgar (US Regulatory)
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2023-12-18
2023-12-18
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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): December
18, 2023
MOBIQUITY
TECHNOLOGIES, INC.
(Exact Name of Registrant
as Specified in Its Charter)
New York |
|
001-51160 |
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11-3427886 |
(State or Other Jurisdiction of
Incorporation or Organization) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
35 Torrington Lane
Shoreham, New York |
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11786 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including
Area Code: (516) 246-9422
(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 (see General Instruction
A.2. below):
☐ |
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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☐ |
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: Common Stock, $0.0001 par value per share; Common Stock Purchase Warrants.
Item 3.02 |
Unregistered sale of equity securities |
On December 18, 2023, the
Company’s Chairman of the Board, Gene Salkind and parties associated with him(the “Preferred Shareholders”), agreed
to exchange all of their Series G Preferred Stock(i.e.300,789 shares of Series G Preferred Stock) with an issuance value of $1,503,495
into our newly created 751,730 shares Series H Preferred Stock. Each share of the Series H Preferred Stock is convertible by the Preferred
Shareholders at any time after issuance into ten (10) shares of the Company’s Common Stock, or $0.20 per Common Share (Conversion
Ratio). The Series H Preferred Stock will automatically convert at the same Conversion Ratio upon the Company’s Common Stock reporting
of a closing sales price over $2.00 per share for ten (10) consecutive trading days or on December 31, 2026, whichever is earlier. The
Company did not pay any commissions or other compensation to any third party in connection with the transactions reported in this Form
8-K. Exemption from registration is claimed under section 3(a)(9) of the Securities Act of 1933, as amended. Following the closing of
the aforementioned transaction, Salkind and his parties associated with him beneficially own 548,535 common shares of the Company and
Series H Preferred Stock convertible into 7,519,730 common shares for an aggregate beneficial ownership interest of 8,068,265 common
shares or 70.7% of the outstanding common shares. The foregoing excludes outstanding warrants owned by him to purchase 96,100 common
shares at exercises prices of at least $60 per share.
As previously disclosed in our Exchange Act filings, Michael
Trepeta, a former Co-CEO and director of the Company, filed a lawsuit against the Company and its subsidiary, Mobiquity Networks in April
2023 in the New York State Supreme Court, Nassau County. In December 2023, the Company was notified that its motion to dismiss Mr. Trepeta’s
action was granted. He has the right of appeal.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: December 22, 2023 |
MOBIQUITY TECHNOLOGIES, INC. |
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By: /s/ Dean L. Julia |
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Dean L. Julia, Chief Executive Officer |
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