Current Report Filing (8-k)
February 26 2021 - 5:04PM
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
22, 2021
Innovative Payment Solutions, Inc.
(Exact name of registrant as specified in
charter)
Nevada
(State or other jurisdiction of incorporation)
000-55648
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33-1230229
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(Commission File Number)
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(IRS Employer Identification No.)
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19355 Business
Center Drive, #9
Northridge,
CA 91324
(Address of principal executive offices)
(818) 864-8404
(Registrant’s telephone number, including
area code)
(Former Name and Former Address)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
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☐
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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(b) 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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Securities registered pursuant to Section
12(b) of the Act: None
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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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).
þ
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 3.02
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Unregistered Sales of Equity Securities
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The information set forth in Item 5.02
of this Current Report on Form 8-K is hereby incorporated by reference into this Item 3.02 in its entirety
Item 5.02.
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Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On February 22, 2021, the Board of Directors
(“Board”) of Innovative Payment Solutions, Inc. (the “Company”) appointed William Corbett, its Chief Executive
Officer and Interim Chief Financial Officer, as its Chairman of the Board and issued him a five-year warrant (the “Warrant”)
to purchase 20,000,000 shares of the Company’s common stock at an exercise price of $0.24. The Board also agreed to increase
Mr. Corbett’s monthly base salary to $30,000 and to pay the independent directors of the Company an annual director’s
fee of $12,000.
On February 22, 2021, the Board also awarded
its directors, James Fuller and Andrey Novikov, options under the Company’s 2018 Stock Incentive Plan to purchase 208,333
shares of the Company’s common stock. The options are exercisable for a period of ten years from the date of grant, vest
in full on the date of grant and have an exercise price of $0.24 per share.
The Warrant was sold pursuant to an exemption
from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation
D promulgated thereunder. The foregoing description of the Warrant does not purport to be complete and is qualified in its entirety
by reference to the full text of the Warrant attached hereto as Exhibit 4.1, which is incorporated herein by reference.
Item 9.01.
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Financial Statements and
Exhibits.
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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.
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INNOVATIVE PAYMENT SOLUTIONS, INC.
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Date: February 26, 2021
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By:
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/s/ William Corbett
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Name:
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William Corbett
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Title:
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Chairman and CEO
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2
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