Current Report Filing (8-k)
June 24 2022 - 7:01AM
Edgar (US Regulatory)
0001512922
false
0001512922
2022-06-17
2022-06-17
0001512922
us-gaap:CommonStockMember
2022-06-17
2022-06-17
0001512922
PETV:WarrantsMember
2022-06-17
2022-06-17
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
June
17, 2022
Date
of Report (Date of earliest event reported)
PETVIVO
HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
000-40715 |
|
99-0363559 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
5251
Edina Industrial Blvd.
Edina,
Minnesota |
|
55349 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(952)
405-6216
Registrant’s
telephone number, including area code
Check
the appropriate box below if the Form 8-K 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 |
Common
Stock |
|
PETV |
|
The
Nasdaq Stock Market LLC |
Warrants |
|
PETVW |
|
The
Nasdaq Stock Market LLC |
Item
1.01 |
Entry
Into a Material Definitive Agreement |
PetVivo
Holdings, Inc. (the “Company”) entered into a Distribution Services Agreement (the “Agreement”
or “Distribution Services Agreement” ) with MWI Veterinary Supply Co. (“MWI”) on
June 17, 2022. Pursuant to the Agreement, the Company appointed MWI to distribute, advertise, promote, market, supply and sell the Company’s
lead product, Spryng™ and other Products (as identified herein) on an exclusive basis for two (2) years within the United States
(the “Territory”), transitioning to a non-exclusive basis thereafter; provided however that the Company shall
extend the exclusivity for an additional one (1) year if MWI achieves certain performance targets agreed upon by the parties. The Company
can continue to sell Products within the Territory to established accounts, which includes: (a) customers who have purchased Products
from the Company prior to the date of the Agreement, (b) customers who require that they deal directly with the Company, (c) governmental
agencies, and (d) customers that order via the internet who are not directly solicited by the Supplier to purchase the Products. All
customers must be licensed veterinary practices.
The
Company will sell its products to MWI at the lowest price listed on the pricing schedule attached to the Agreement (“Schedule”)
or the lowest price the Company sells Spryng™ to any other animal health distributor or reseller of similar or smaller size (“Comparable
Distributor”). The Products covered by the Agreement shall include Spryng™ and any other animal and health related
product of the Company that are identified on the Schedule and purchased by MWI. MWI is solely responsible for determining the price
at which it sells products to customers. The Company shall pay MWI a fee for such services based upon MWI’s monthly gross purchases,
as well as reimbursement for certain expenses.
The
Agreement has an initial term of one (1) year, after which the Agreement shall automatically renew for subsequent terms of twelve (12)
months, unless either party elects not to renew by providing written notice to the other party at least 60 days’ prior to the end
of the then current term. Either party may terminate (a) upon 30 days’ written notice of a material default to the other party
and failure of that party to cure the default within the 30 day period or (b) immediately upon the other party’s insolvency. The
Company made certain representations and warranties in the Agreement and agreed to indemnify MWI against certain damages and losses.
The
Company has executed a Continuing Guaranty and Indemnification Agreement, attached as Schedule A to the Agreement, that, among other
things, provides that the Company (i) represents and warrant that the Products comply with the Federal Food, Drug, and Cosmetic Act
and other applicable laws, (ii) indemnifies MWI for certain product related events (including violations of applicable laws,
intellectual property infringement, governmental seizure), and (iii) maintains non-contributory product liability insurance of
not less than $5,000,000 per occurrence for claims relating to products. The Agreement also includes customary confidentiality obligations.
Item
9.01 |
Financial
Statements and Exhibits. |
(d)
Exhibits
Exhibit
No. |
|
Description |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
PETVIVO
HOLDINGS, INC. |
|
|
|
Date:
June 24, 2022 |
By: |
/s/
John Lai |
|
Name: |
John
Lai |
|
Title: |
Chief
Executive Officer |
PetVivo (NASDAQ:PETV)
Historical Stock Chart
From Aug 2024 to Sep 2024
PetVivo (NASDAQ:PETV)
Historical Stock Chart
From Sep 2023 to Sep 2024