ITEM 1.01. Entry Into a Material Definitive Agreement.
On
The equity investment is expected to occur in two tranches. For the first
tranche, Kingpins will pay
The foregoing description of the Agreement is qualified in its entirety by reference to the copy of the Agreement which is filed as Exhibit 10.9 to this report on Form 8-K.
ITEM 3.02. Unregistered Sale of
The Company relied upon the exemption provided by Section 4(a)(2) of the Securities Act of 1933 in connection with issuance of the securities described in Item 1.01 of this report. Kingpins was a sophisticated investor and was provided full information regarding the Company's business and operations. There was no general solicitation in connection with the sale of these securities. Kingpins acquired these securities for its own account. The certificates representing the securities will bear a restricted legend providing that they cannot be sold except pursuant to an effective registration statement or an exemption from registration.
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