Current Report Filing (8-k)
June 29 2018 - 5:10PM
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):
June 27, 2018
HYPERSOLAR, INC.
(Exact name of registrant as specified in charter)
NEVADA
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000-54437
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26-4298300
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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510 Castillo Street, Suite 320, Santa Barbara,
CA 93101
(Address of Principal Executive Offices) (Zip
Code)
(805) 966-6566
(Registrant’s Telephone Number, Including
Area Code)
Not Applicable
(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):
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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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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 (§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 mart 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 2.03 Creation of a Direct Financial Obligation.
On June 27, 2018 (the
“Effective Date”), Hypersolar, Inc. (the “Company”) issued and sold a promissory note (the “Promissory
Note”) in the aggregate principal amount of $500,000 to an accredited investor, of which $50,000 was advanced upon issuance
of the Note and the balance to be advanced at the discretion of the lender. The principal and interest under the Promissory Note
is due and payable twelve (12) months from the Effective Date of the Promissory Note. The Promissory Note bears interest at a rate
of 10% per annum and is convertible into shares of common stock of the Company at a price of the lesser of (a) $0.01 per share
of the Company’s common stock or (b) Fifty Percent (50%) of the lowest trade price of the Company’s common stock recorded
on any trade day after the Effective Date or (c) the lowest effective price per share granted to any person or entity, including
the investor but excluding officers and directors of the Company, after the Effective Date to acquire common stock of the Company,
or adjust, whether by operation of purchase price adjustment, settlement agreements, exchange agreements, reset provision, floating
conversion or otherwise, any outstanding warrant, option or other right to acquire common stock of the Company or outstanding common
stock equivalents.
In connection with the
sale of the Promissory Note, the Company relied upon the exemption from registration provided by Section 4(a)(2) of the Securities
Act of 1933, as amended, for transactions not involving a public offering.
The foregoing description
of the Promissory Note does not purport to be complete and is qualified in its entirety by reference to the complete text of the
form of Promissory Note filed as Exhibit 10.1 hereto, which is incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities.
The information set forth in Item 2.03 is
incorporated by reference into this Item 3.02.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURE
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.
Date: June 29, 2018
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HYPERSOLAR, INC.
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By:
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/s/ Timothy Young
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Timothy Young
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Chief Executive Officer
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