Form 8-K - Current report
January 10 2025 - 4:00PM
Edgar (US Regulatory)
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0001591913
0001591913
2025-01-07
2025-01-07
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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 10, 2025 (January 7, 2025)
Innovative Payment Solutions, Inc.
(Exact name of registrant
as specified in charter)
Nevada
(State or other jurisdiction
of incorporation)
000-55648 |
|
33-1230229 |
(Commission File Number) |
|
(IRS Employer
Identification No.) |
56B 5th Street, Lot 1, #AT
Carmel by the Sea,
CA 93921
(Address of principal
executive offices)
(866) 477-4729
(Registrant’s telephone
number, including area code)
N/A
(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:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12(b) 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: None
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 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 7, 2025, Richard
Rosenblum provided written notice to the board of directors (the “Board”) of Innovative Payment Solutions, Inc., a Nevada
corporation (the “Company”), of his resignation as President, Chief Financial Officer, Secretary, and as a member of the Board,
effective immediately.
Also on January 7, 2025, the
Board, pursuant to the powers of the Board provided for under applicable Nevada law and the Company’s bylaws, appointed William
D. Corbett, the current Executive Chairman of the Company, to the additional office of Chief Executive Officer of the Company. Accordingly,
Mr. Corbett will serve as the Company “principal executive officer” for all general corporate purposes and for Securities
and Exchange Commission reporting purposes. The Board also approved an extension of the term of Mr. Corbett’s employment agreement
with the Company by one year, with a term expiring on December 31, 2025. The Company has commenced as search for an individual to serve
as the “principal accounting officer” of the Company for Securities and Exchange Commission reporting purposes.
In connection with Mr. Rosenblum’s
resignation, the Board also approved the issuance to Mr. Rosenblum of a convertible promissory note in the principal amount of $210,500,
representing accrued wages owed to Mr. Rosenblum. The Board also approved the issuance to Mr. Corbett of a convertible promissory note
in the principal amount of $247,000, representing accrued wages owed to Mr. Corbett. The Company and Messrs. Rosenblum and Corbett are
working to finalize and document the terms of such convertible promissory notes. The company also completed a round of financing with
a convertible promissory note in the principal amount of $125,000 with an institutional investor.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
INNOVATIVE PAYMENT SOLUTIONS, INC. |
| |
Dated: January 10, 2025 |
By: |
/s/ William
Corbett |
|
Name: |
William Corbett |
|
Title: |
Chief Executive Officer |
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000-55648
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Innovative Payment Solutions, Inc.
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0001591913
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Entity Tax Identification Number |
33-1230229
|
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NV
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56B 5th Street
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Lot 1, #AT
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Carmel by the Sea
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CA
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93921
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866
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