Current Report Filing (8-k)
November 30 2021 - 9:01AM
Edgar (US Regulatory)
0001608092
false
0001608092
2021-11-29
2021-11-29
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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 29, 2021
KISSES FROM ITALY INC.
(Exact name of registrant as specified in charter)
Florida
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000-55967
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46-2388377
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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80 SW 8th Street, Suite 2000
Miami, FL
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33130
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (305)
423-7129
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(Former name or former address, 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:
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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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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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None
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N/A
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N/A
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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
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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.
Section 1 - Registrant’s Business and Operations
Item 1.01 Entry into a Material Agreement
On November 29, 2021, Kisses From Italy Inc.,
a Florida corporation (the “Company”), entered into a Standby Equity Commitment Agreement (the “Purchase Agreement”),
dated November 22, 2021, together with a registration rights agreement (the “Registration Rights Agreement”) with MacRab LLC,
a Florida limited liability company (the “Investor”), pursuant to which the Company has the right to sell to the Investor
up to $7,500,000 in shares of its common stock (“Common Stock”), subject to certain limitations. The Investor was also
issued a five-year warrant (the “Warrant”) to purchase 750,000 shares of Common Stock (the “Warrant Shares”) with
standard anti-dilution provisions and cashless exercise.
Under the terms and subject to the conditions
of the Purchase Agreement, the Investor is obligated to purchase up to $7,500,000 in shares of Common Stock (subject to certain limitations)
from time to time over the 24-month period commencing on November 22, 2021. The price per share of Common Stock shall be ninety
percent (90%) of the average of the volume weighted average price of the common stock for six trading days following the clearing date
associated with the put notice delivered by the Company to the Investor. The minimum amount of each put shall be $10,000 and the maximum
shall be the lower of 200% of the average daily trading volume and $250,000.
The Company’s sales of shares of Common
Stock to the Investor under the Purchase Agreement are limited to no more than the number of shares that would result in the
beneficial ownership by the Investor and its affiliates, at any single point in time, of more than 4.99% of the then outstanding shares
of the Common Stock.
The Company agreed with the Investor that it will
not enter into any other credit equity line agreements without the prior consent of the Investor.
Pursuant to the terms of the Registration Rights
Agreement, the Company shall file a registration statement with the SEC with respect to the shares of Common Stock issuable to the Investor
pursuant to the Purchase Agreement and the Warrant Shares within 60 calendar days.
The Purchase Agreement and the Registration Rights
Agreement contain customary representations, warranties and agreements of the Company and the Investor and customary conditions to completing
future sale transactions, indemnification rights and obligations of the parties.
J.H. Darbie acted as placement agent in connection
with the execution and delivery of the agreements with the Investor.
The foregoing descriptions of the Warrant, the
Purchase Agreement and the Registration Rights Agreement and the transactions contemplated thereby are qualified in their entirety by
reference to the full text of the Warrant, the Purchase Agreement and the Registration Rights Agreement, copies of which are attached
hereto as Exhibit 4.1, 10.2 and 10.3, respectively, each of which is incorporated herein in its entirety by reference.
Section 3 – Securities and Trading Markets
Item 3.02 Unregistered Sale of
Equity Securities.
The information contained above in Item 1.01 is
hereby incorporated by reference into this Item 3.02.
The issuance and sale of the Warrant by the Company
to the Investor under the Purchase Agreement was made without registration under the Securities Act of 1933, as amended (the “Act”),
or the securities laws of the applicable state, in reliance on the exemptions provided by Section 4(2) of the Act and Regulation D promulgated
thereunder, and in reliance on similar exemptions under applicable state law, based on the offering of such securities to one investor,
the lack of any general solicitation or advertising in connection with such issuance, the representations of the Investor to the Company
that, among others, it was an accredited investor (as that term is defined in Rule 501(a) of Regulation D), and that it was purchasing
the shares for its own account and without a view to distribute them.
Item 7.01 Regulation FD
Disclosure.
On November 30, 2021, the Company issued a press
release reporting its entry into the Purchase Agreement with the Investor. The text of the press release is furnished as Exhibit 99.1
hereto and incorporated herein by reference.
The information in this Item 7.01 of this Report,
including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference
in any of the Company’s filings under the Securities Act, or the Exchange Act, whether made before or after the date hereof, except
as shall be expressly set forth by specific reference to this Report in such filing.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
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 thereunto
duly authorized.
Date: November 30, 2021
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KISSES FROM ITALY INC.
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By:
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/s/ Claudio Ferri
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Claudio Ferri
Chief Executive Officer
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Kisses from Italy (PK) (USOTC:KITL)
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