Current Report Filing (8-k)
October 19 2020 - 6:04AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 13, 2020
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Loop Media, Inc.
(Exact name of registrant as specified in its
charter)
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Nevada
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000-55591
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47-3975872
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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of Incorporation)
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File Number)
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Identification No.)
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700 N. Central
Ave., Suite 430 Glendale, CA 91203
(Address
of Principal Executive Office) (Zip Code)
(818) 823-4801
(Registrant's telephone number, including area
code)
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(Former name, former address and former fiscal year, if changed since last report)
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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))
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐
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Item 1.01
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Entry into a Material Definitive Agreement.
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On
October 13, 2020, Loop Media, Inc., a Nevada corporation (the “Company”) acquired from SPKR INC., a Delaware
corporation (“Seller”), the Seller’s Website and Internet Domain Name, Spkr.com (the “Website”)
and a mobile application Seller developed (the “App”), available in the Apple Inc. IOS Store as Spkr: Curated
Podcast Radio, and related assets (the Website, the App and all other assets associated with Seller’s audio network business
that were acquired, the “Acquired Assets”) pursuant to an Asset Acquisition Agreement dated the same date (the
“Purchase Agreement”) entered into by and between the Company, Seller and PTK Investments,
LLC, a Delaware limited liability company (dba PTK Capital), in its capacity as the Seller representative under the Purchase Agreement
(the “Acquisition”).
The purchase price
for the Acquired Assets consisted of consideration of 1,369,863 shares of the Company’s common stock, par value $0.0001 per
share, (the “Shares”). The Shares were issued to the Seller on October 13, 2020. The Shares are subject to restriction
on resales until that date that is one year following the closing of the Acquisition, or, if sooner, the date that is 90 days after
the Company’s securities begin trading on the NASDAQ which is binding on any holder receiving any of the Shares from Seller.
Following
the issuance of the Shares, the Company has 115,690,897 shares of common stock, par value $0.0001 per share, issued and outstanding.
The
foregoing summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the
Purchase Agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K (this “Report”)
and incorporated herein by reference.
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Item 2.01
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Completion of Acquisition or Disposition of Assets.
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The
information set forth in Item 1.01 above is incorporated by reference into this Item 2.01.
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Item 3.02
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Unregistered Sales of Equity Securities.
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The
issuance of the Shares in connection with the Acquisition are exempt from registration under Section 4(a)(2) and Rule 506 of Regulation
D as promulgated by the SEC under of the Securities Act of 1933, as amended (the “Securities Act”), as transactions
by an issuer not involving any public offering, based on the Company’s belief that the issuance of such securities did not
involve a public offering, there were fewer than 35 “non-accredited” investors, all of whom, either alone or through
a purchaser representative, had such knowledge and experience in financial and business matters so that each was capable of evaluating
the risks of the investment.
The
information set forth in Item 1.01 above is incorporated by reference into this Item 3.02.
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Item 7.01
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Regulation FD Disclosure.
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On
October 19, 2020, the Company issued a press release announcing the Acquisition. A copy of the press release is attached to this
Report as Exhibit 99.1.
The information in
this Report furnished pursuant to Item 7.01 and the press release included as Exhibit 99.1 of Item 9.01 shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that
Section. This information shall not be incorporated by reference into any registration statement pursuant to the Securities Act.
The furnishing of the information in this Report is not intended to, and does not, constitute a representation that such furnishing
is required by Regulation FD or that the information contained in this Report constitutes material investor information that is
not otherwise publicly available.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit Number
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Description
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2.1
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Asset Acquisition Agreement by and between Loop Media, Inc., SPKR Inc. and PTK Investments, LLC (dba PTK Capital), in its capacity as the Seller Representative dated October 13, 2020.
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99.1
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Press Release of Loop Media, Inc. dated October 19, 2020
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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, hereunto duly authorized.
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Date: October 19, 2020
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LOOP MEDIA, INC.
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By:
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/s/ Jon Niermann
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Jon Niermann, CEO
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