Current Report Filing (8-k)
August 18 2020 - 6:06AM
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
August
16, 2020
Date
of Report (Date of earliest event reported)
Immune
Therapeutics, Inc.
(Exact
name of registrant as specified in its charter)
Florida
|
|
000-54933
|
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59-3226705
|
(State
or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
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|
(IRS
Employer
Identification No.
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2431
Aloma Ave, Suite 124, Winter Park, FL
|
|
32792
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(Address
of principal executive offices)
|
|
(Zip
Code)
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Registrant’s
telephone number, including area code 888-613-8802
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 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).
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol
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Name
of exchange on which registered
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Common
stock $0.0001 per share
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IMUN
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OTC
Markets
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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.
ITEM
1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On
August 16, 2020, Immune Therapeutics, Inc. (the “Company” or “Immune”) and Cytocom, Inc. (“Cytocom”)
closed on an agreement for the Company to sublicense Lodonal (“LDN”) and Methionine Enkephalin (“MENK”)
for emerging markets. Under the terms of the agreement, Cytocom will assume approximately $5,200,000 in the Company’s note,
loan and other financial obligations. Separate from the sublicensing agreement, the Company owns an equity stake of approximately
15% in Cytocom.
Pursuant
to the sublicensing agreement, Cytocom will assume the following approximate obligations of the Company: $1,051,000 in accrued
liabilities and accounts payable, $3,038,000 in notes and loans payable, and $1,111,000 in obligations owed to former
Immune employees.
The
Company’s Board of Directors believes that despite the difficulty of the decision to take these actions, they are in the
clear best interest of the Company and its shareholders and consistent with the Company’s forward-looking transition strategy
of improving Immune’s financial position.
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.
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IMMUNE
THERAPEUTICS, INC.
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|
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Date:
August 17, 2020
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By:
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/s/
Kevin J. Phelps
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Kevin
J. Phelps, Chief Executive Officer, Director
|
Immune Therapeutics (PK) (USOTC:IMUN)
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