Current Report Filing (8-k)
November 10 2021 - 5:17PM
Edgar (US Regulatory)
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2021-11-08
2021-11-08
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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): November 8, 2021.
CLEAN
ENERGY TECHNOLOGIES, INC.
(Exact
name of Company as specified in its charter)
Nevada
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000-55656
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20-2675800
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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
Number)
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2990
Redhill Avenue
Costa
Mesa, CA 92626
(Address
of principal executive offices)
Phone:
(949) 273-4990
(Company’s
Telephone Number)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any
of the following provisions:
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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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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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:
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, par value $0.001
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CETY
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OTCQB
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Item
1.01 Entry into a Material Definitive Agreement.
On
November 8, 2021, Clean Energy Technology, Inc., a Nevada corporation (the “Company”) acquired through a series of
wholly owned subsidiaries, Jiangsu Huanya Jieneng New Energy Co. (“Jiangsu”), a liquified natural gas (LNG) trading company
currently focused on the mainland China LNG trading market. The Conditional Stock Purchase Agreement (the “Agreement”) between
Clean Energy Technologies (H.K.) Limited., a wholly owned subsidiary of Clean Energy Technologies Inc. (“Clean Energy Hong Kong”)
and Mr. Li Chin-kun provided for the purchase of 100% of Leading Wave Limited, a company incorporated in the Seychelles, which holds,
through a series of subsidiaries, 100% of the capital of Jiangsu.
Under
the terms of the Agreement, the Company paid Mr. Chin-kun $1,500,000 in cash compensation as the conditions for the payment were satisfied
and will pay him 20,000,000 shares of the Company’s Common Stock upon the following conditions:
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1.
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LWL
and its subsidiaries reaching $5,000,000 in revenue or net profit of $1,000,000 by December 31, 2022.
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2.
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The
management team of LWL remains with LWL for at least 12 months from the closing,
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3.
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The
management team of LWL must have a management continuity plan in place if they decide to leave LWL, subject to the approval of Clean
Energy Hong Kong.
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The
Agreement contains various representations, warranties and covenants of Clean Energy Technologies Hong Kong and Mr. Chin-kun which are
set forth in detail in the Agreement attached to this Current Report on Form 8-K as Exhibit 134.
The
foregoing does not purport to be a complete description of the rights and obligations of the parties under the Agreement and is qualified
by reference to the Agreement filed as Exhibit 10.134, to this Current Report
on Form 8-K.
Item
9.01 Financial Statement and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Clean
Energy Technologies, Inc.
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/s/
Kambiz Mahdi
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By:
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Kambiz
Mahdi
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Chief
Executive Officer
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Date:
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November
10, 2021
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