Current Report Filing (8-k)
March 31 2023 - 9:32AM
Edgar (US Regulatory)
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0001511820
2023-03-27
2023-03-27
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xbrli:shares
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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):
March
27, 2023
STEMTECH
CORPORATION
(Exact
name of registrant as specified in its charter)
Nevada
|
|
333-172172 |
|
87-2151440 |
(State
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer No.) |
10370
USA Today Way
Miramar,
FL 33025
(Address
of principal executive offices and Zip Code)
(954)
715-6000
(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:
☐ |
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)) |
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.
Securities
registered pursuant to Section 12(b) of the Act: None
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
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Item 1.01. |
Entry into a Material Definitive Agreement. |
On March 27th, 2023, the Company and
an institutional investor executed an investment agreement for up to $7,000,000 via a Convertible Promissory Note, Share Purchase Agreement
and Warrant Agreement. Per the terms of the Agreement, the Company was tendered an initial $1,000,000, with further disbursements to follow.
Said Agreement calls for a 12% OID, registration of said share rights, 100% Warrant coverage for each disbursement and carries interest
at 7% per annum. The Company has an open right of redemption at 125% of face value.
Pursuant to the Agreements, the Company has utilized
the bulk of this first tranche to fully pay off a standing MCA (Merchant Cash Agreement), eradicating this obligation from the books of
the Company. The remainder of funds are being used for further product development and expansion.
The Investor has agreed that neither it nor any
of its affiliates shall engage in any short-selling or hedging of our Common Stock during any time during the term of the Agreements.
Pursuant to the Agreements, the Company is required to register all shares which the investor may acquire.
The foregoing is a summary description of certain
terms of the Agreements. For a full description of all terms, please refer to the copy of the Agreements which are filed herewith as Exhibits
10.1 et seq. to this Current Report on Form 8-K and incorporated herein by reference. All interested parties are encouraged to
read the entire text of the listed
Agreements.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
The following Exhibits are
filed as part of 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 30th, 2023
|
STEMTECH
CORPORATION |
|
|
|
|
|
/s/
Charles Arnold |
|
By: |
Charles
Arnold, Dir., CEO |
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