Current Report Filing (8-k)
March 08 2019 - 12:00PM
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): February 27, 2019
Bantek,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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000-55789
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30-0967943
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(state
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification Number)
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330
Changebridge Road
Pine
Brook, NJ 07058
(address
of principal executive offices) (zip code)
(203)
220-2296
(registrant’s
telephone number, including area code)
(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 (see General Instruction A.2. below):
☐
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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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☐
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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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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 ☒
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.
On
March 1, 2019, the registrant, Bantek, Inc. (“Bantek”), received $78,000 under a Securities Purchase Agreement dated
February 27, 2019, between it and Redstart Holdings Corp. (“Redstart”) under which Bantek issued a convertible promissory
note (the “Note”) in the principal amount of $78,000. The Note bears interest at 10% per annum and has a maturity
date of December 30, 2019. The Note may be prepaid at a premium ranging from 112% to 137% depending on the length of time following
the date of the Note. The Note is convertible after 180 days into shares of Bantek common stock at a discount of 35% of the average
of the two lowest closing bid prices of Bantek’s common stock 15 days prior to the date of conversion and the maximum number
of shares issued to Redstart may not exceed 4.99% of the issued and outstanding shares of Bantek common stock. The Note is subject
to customary default provisions, including a cross default provision. Bantek is required to have authorized for issuance six times
the number of shares that would be issuable upon full conversion of the Note (assuming that the 4.99% limitation is not in effect).
The
foregoing is a summary of the terms of the Securities Purchase Agreement and the Note and is qualified in its entirety by the
Securities Purchase Agreement and the Note attached hereto and incorporated herein as Exhibits 10.1 and 10.2, respectively.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits: The following exhibits are filed with this report:
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: March 7,
2019
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Bantek,
Inc.
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By:
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/s/
Michael Bannon
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Name: Michael Bannon
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Title: President
and CEO
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3
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