Current Report Filing (8-k)
January 07 2022 - 9:01AM
Edgar (US Regulatory)
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2022-01-03
2022-01-03
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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 3, 2022
PHI
GROUP, INC.
(Exact
name of registrant as specified in its charter)
Wyoming
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001-38255-NY
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90-0114535
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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2323
Main Street, Irvine, CA
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92614
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: 702-475-5430
(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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Precommencement
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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Precommencement
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:
Title
of each class
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Trading
Symbol(s)
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Name
of exchange on which registered
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Common
Stock
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PHIL
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OTC
Markets
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SECTION
7 – REGULATION FD DISCLOSURE
Item
7.01 Regulation FD Disclosure
The
information in this Item 7.01 of this Current Report is furnished pursuant to Item 7.01 and shall not be deemed “filed’ for
any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The
information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act
or the Exchange Act regardless of any general incorporation language in such filing.
I.
Incorporation of wholly-owned subsidiary PHILUX GLOBAL ENERGY, INC. for the acquisition of Kota Energy Group LLC and Kota Construction
LLC
On
January 3, 2022, the Company filed “Profit Corporation Articles of Incorporation” with the Wyoming Secretary of State to
incorporate “PHILUX GLOBAL ENERGY, INC.” – Original ID: 2020-001066221, as a wholly-owned subsidiary of the Company
to serve as the holding company for the contemplated acquisition of fifty-point one percent (50.10%) ownership in both Kota Energy Group
LLC and Kota Construction LLC, both of which are California limited liability companies.
As
reported with the Securities and Exchange Commission in Form 8-K on December 10, 2021, the Company signed a Letter of Intent with KOTA
Energy Group LLC and KOTA Construction LLC dated December 08, 2021 to acquire 50.1% of the equity interest of each of these companies
(“Sellers”), which equity interest shall be common equity with economic rights pari-passu with that held by the founders
of Sellers (such equity, the “Equity”, and the purchase thereof, the “Transaction”). The Parties promise to negotiate
in good faith a definitive Purchase and Sale Agreement for such equity interests and second amended and restated operating agreements
for each Seller (the “Operating Agreements”) to include the terms and conditions set forth in the Letter of Intent and such
other representations, warranties, conditions, covenants, indemnities, limitations on the amount and types of damages and other terms
as the Parties may agree upon. The total purchase price for the transaction will be $64,125,000.
The
Parties expect to sign the definitive Purchase and Sale Agreement in the next few weeks and intend to close this transaction within sixty
days after signing, subject to certain terms and conditions.
SECTION
9 – FINANCIAL STATEMENTS AND EXHBITS
Item
9.01 Financial Statements and Exhibits
The
following is a complete list of exhibit(s) filed as part of this report.
Exhibit
number(s) correspond to the number(s) in the exhibit table of Item 601 of Regulation S-K.
SIGNATURE
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.
Dated:
January 07, 2022
PHI
GROUP, INC.
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(Registrant)
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By:
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/s/
Henry D. Fahman
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Henry
D. Fahman, Chairman and CEO
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