Current Report Filing (8-k)
March 04 2021 - 2:52PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
February
26, 2021
Date
of Report
(Date
of earliest event reported)
SOCKET
MOBILE, INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
001-13810
|
|
94-3155066
|
(State
or other jurisdiction of incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer
Identification No.)
|
39700
Eureka Drive
Newark,
CA 94560
(Address
of principal executive offices, including zip code)
(510)
933-3000
(Registrant’s
telephone number, including area code)
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 (see General Instruction A.2. below):
[
] 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, $0.001 Par Value per Share
|
SCKT
|
NASDAQ
|
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.
2021 Technology Transfer Agreement
On February 26, 2021, Socket
Mobile, Inc. a Delaware corporation (the “Company”), entered into the 2021 Technology Transfer Agreement (the “Agreement”)
with SpringCard SAS, a société par actions simplifiée organized under the laws of France (“SAS”),
pursuant to which the Company acquired a perpetual, royalty-free license to SAS’ core contactless technology for use in the
Company’s products.
Under the terms of
the Agreement, SAS received: (i) $2,000,000 in shares of the Company’s common stock (“Common Stock”)
valued at $10.85 per share or 184,332 shares, subject to a collar whereby, if SAS sells any such shares, up to an aggregate
of 92,166 shares, within 14 days following the stock transfer date (as defined in the Agreement) at a gross sale price less
than $10.00 per share, the Company will pay SAS in cash the lesser of $350,000 or a collar payment equal to the difference
between such gross sale price and $10.00 per share; and (ii) a 10-year warrant to purchase up to an aggregate of 50,000
shares of Common Stock at the price of $10.85 per share (the “Warrant”). The Warrant is divided into four equal lots of 12,500 shares
each, with each lot exercisable on or after each of the following dates until the expiration date of warrant: January 1,
2022, January 1, 2023, January 1, 2024, and January 1, 2025.
The Agreement contains
indemnification of the Company by SAS.
The Company will promptly
prepare, file and cause to be declared effective pursuant to the Securities Act of 1933, as amended, a registration statement registering
the resale of the shares issued to SAS and of any shares issuable from time to time upon exercise of the warrant.
The foregoing description
of the terms of the Agreement, and the transactions contemplated thereby, does not purport to be complete and is qualified in its
entirety by reference to the full text of the Agreement, a copy of which is filed hereto as Exhibit 9.1 and incorporated by
reference into this Item 1.01.
Item 2.01. Completion of Acquisition or
Disposition of Assets.
To the extent required
by Item 2.01, the disclosure set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item
2.01.
Item
9.01 Financial Statements and Exhibits.
Exhibit
No.
|
|
Description
|
|
|
|
9.1
|
|
2021
Technology Transfer Agreement
|
|
|
|
99.1
|
|
Press Release dated March 1, 2021, entitled “Socket Mobile and SpringCard
SAS announce licensing agreement to enable improved Contactless Customer Experiences”
|
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.
|
|
SOCKET
MOBILE, INC.
|
|
|
|
|
By:
|
/s/
Lynn Zhao
|
|
|
|
Lynn
Zhao
Vice
President, Finance and Administration and Chief Financial Officer
|
Date:
March 4, 2021
Socket Mobile (NASDAQ:SCKT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Socket Mobile (NASDAQ:SCKT)
Historical Stock Chart
From Sep 2023 to Sep 2024