Current Report Filing (8-k)
January 08 2021 - 5:31PM
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
Date
of Report (Date of earliest event reported): January 5, 2021
GBS
INC.
(Exact
name of registrant as specified in its charter)
Delaware
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001-39825
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82-1512711
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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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708
Third Avenue, 6th Floor
New
York, NY 10017
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: Telephone: (646) 828-8258
Not
Applicable
(Former
name or former address, 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:
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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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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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Common
Stock, $0.01 par value
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GBS
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The
NASDAQ Stock Market LLC
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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 [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. [X]
On
January 5, 2021, GBS, Inc. (the “Company”) entered into a certain Research Collaboration Agreement with Harvard College
for the purposes of facilitating mutual collaboration in scientific research in connection with the Company’s non-exclusive
royalty free license to combat COVID-19 coronavirus. The contemplated collaboration includes research teams from the Company and
Harvard and will include, among others, exchange of materials and research data, to now progress with the milestone of integrating
the Harvard technology with the Company’s biosensor with applications for SARS-Cov-2 antibody test for COVID-19. The
Company agreed to pay Harvard a total amount of $609,375 payable in 3 instalments, with $304,687.50 payable upon receipt of the
initial invoice, and two additional payments of $152,343.75 each, upon 90 and 180 day anniversary following the date of the agreement.
The Company and Harvard will retain all right, title and interest in and to their respective inventions, and will own joint rights
to joint inventions. With respect to each invention, subject to third party rights and any limitation imposed by law or by terms
of any grant, contract, or cooperative agreement, Harvard granted to the Company an option to negotiate in good faith with Harvard
for a non-exclusive or an exclusive, at Company’s discretion, royalty-bearing, worldwide license, with the right to sublicense
(with respect to an exclusive license), under Harvard’s interest in the Harvard patent rights and the joint patent rights
to develop and make products on terms that are commercially reasonable to the industry. The term of this collaboration is nine
months from the effective date of this Agreement. The Agreement contains certain other terms and provisions customary for agreements
of this nature.
SIGNATURE
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.
Dated:
January 8, 2021
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GBS,
INC.
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By:
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/s/
Harry Simeonidis
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Name:
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Harry Simeonidis
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Title:
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Chief Executive Officer
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