Current Report Filing (8-k)
May 19 2022 - 5:02PM
Edgar (US Regulatory)
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0001643988
2022-05-13
2022-05-13
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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):
May 13, 2022
Loop Media, Inc.
(Exact name of registrant as specified in its charter)
Nevada |
000-55591 |
47-3975872 |
(State or Other Jurisdiction |
(Commission |
(I.R.S. Employer |
of Incorporation) |
File Number) |
Identification No.) |
700 N.
Central Ave., Suite 430 Glendale,
CA |
|
91203 |
(Address of Principal Executive Office) |
|
(Zip Code) |
(213) 436-2100
(Registrant’s telephone number, including
area code)
(Former name, former address and former fiscal
year, 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:
¨ 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))
Securities registered pursuant
to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which
registered |
N/A |
N/A |
N/A |
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. ¨
Item 1.01 Entry into a Material Definitive Agreement
Loan Agreement
Effective as of May 13, 2022, Loop Media, Inc. (the “Company”)
entered into a Non-Revolving Line of Credit Loan Agreement (the “Loan Agreement”) with several institutions and individuals
(each individually a “Lender” and collectively, the “Lenders”) and RAT Investment Holdings, LP,
as administrator of the loan (the “Loan Administrator”) for aggregate loans of up to $2.2 million (the “Loan”),
evidenced by a Non-Revolving Line of Credit Promissory Note (the “Note”), also effective as of May 13, 2022. The Loan
matures eighteen (18) months from the date of the Loan Agreement and accrues interest, payable semi-annually in arrears, at a fixed rate
of interest equal to twelve (12) percent per year.
In connection with the Loan, on May 13, 2022, the Company issued
a warrant (each a “Warrant” and collectively, the “Warrants”) to each Lender for an aggregate
of up to 628,575 shares of the Company’s common stock (the “Warrant Shares”). Each Warrant has an exercise
price of $1.75 per share, expires on May 13, 2025 (the “Expiration Date”), and shall be exercisable at any time
prior to the Expiration Date.
Under the Loan Agreement, the Company has granted to the Lenders a
security interest in all of the Company’s present and future assets and properties, real or personal, tangible or intangible, wherever
located, including products and proceeds thereof.
The descriptions of the Loan Agreement, the Note and the Warrants are
qualified in their entirety by reference to the full texts of the Loan Agreement, the Note and the form of Warrant, which are incorporated
by reference herein. Copies of the Loan Agreement, the Note and the form of Warrant are included herein as Exhibits 10.1, 10.2 and 4.1,
respectively.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information in Item 1.01 with respect to the Loan Agreement is
incorporated by reference into this Item 2.03.
Item 3.02
Unregistered Sales of Equity Securities
The information in Item 1.01 with respect to the Warrants is incorporated
by reference into this Item 3.02. The issuance of the Warrants was not registered under the Securities Act of 1933, as amended (the “Securities
Act”). The Warrants were issued in a private placement exempt from the registration requirements of the Securities Act, in reliance
on the exemptions set forth in Section 4(a)(2) of the Securities Act.
Item 9.01 Financial Statements and Exhibits.
(d) 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, hereunto duly authorized.
Date: May 19, 2022 |
LOOP MEDIA, INC. |
|
|
|
|
By: |
/s/ Jon Niermann |
|
|
Jon Niermann, CEO |
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