Attached files
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EX-4.4 - EXHIBIT 4.4 - Hangover Joe's Holding Corp | ex4x4.htm |
EX-4.1 - EXHIBIT 4.1 - Hangover Joe's Holding Corp | ex4x1.htm |
EX-4.2 - EXHIBIT 4.2 - Hangover Joe's Holding Corp | ex4x2.htm |
EX-4.3 - EXHIBIT 4.3 - Hangover Joe's Holding Corp | ex4x3.htm |
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): July 3, 2014
HANGOVER JOE'S HOLDING CORPORATION
(Exact name of registrant as specified in its charter)
Colorado
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000-525-33
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20-8097439
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(State of Other Jurisdiction of
Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification Number)
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9457 S. University #349
Highlands Ranch, Colorado 80126
(Address of principal executive offices)
303-872-5939
(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 (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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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry Into A Material Definitive Agreement
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Creation of a Direct Financial Obligation
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Unregistered Sales of Equity Securities
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On July 3, 2014, Hangover Joe's Holding Corporation (the "Company") entered into a Securities Purchase Agreement with LG Capital Funding, LLC ("LG") for the sale of two 8% convertible redeemable notes each in the principal amount of $52,500 (the "LG Notes") in consideration of $52,500 and the delivery by LG of a Collateralized Secured Promissory Note Back End Note payable to the Company in the principal amount of $52,500 (the "LG Back End Note"). The financing closed on July 10, 2014.
The LG Notes bear interest at the rate of 8% per annum. All interest and principal must be repaid on July 3, 2015. The LG Note are convertible into common stock, at LG's option, at a 45% discount to the average of the three lowest closing prices of the common stock during the 20 trading day period prior to conversion. In the event the Company prepays the LG Notes in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 125% if prepaid during the period commencing on the closing date through 60 days thereafter, (ii) 140% if prepaid 61 days following the closing through 120 days following the closing and (iii) 150% if prepaid 121 days following the closing through 180 days following the closing. After the expiration of 180 days following the date of the LG Notes, the Company has no right of prepayment. The LG Note issued in consideration of the LG Back End Note may only be converted by LG in the event the LG Back End Note is paid in full.
As of the date of the LG Notes, the Company is obligated on the LG Notes issued to LG in connection with the offering. The LG Notes are debt obligations arising other than in the ordinary course of business, which constitutes a direct financial obligation of the Company.
The Company claims an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Act") for the private placement of these securities pursuant to Section 4(2) of the Act and/or Regulation D promulgated there under since, among other things, the transaction did not involve a public offering. LG is an accredited investor, had access to information about the Company and its investment, took the securities for investment and not resale, and the Company took appropriate measures to restrict the transfer of the securities.
The foregoing information is a summary of each of the agreements involved in the transactions described above, is not complete, and is qualified in its entirety by reference to the full text of those agreements, each of which is attached an exhibit to this Current Report on Form 8-K. Readers should review those agreements for a complete understanding of the terms and conditions associated with this transaction.
Item 9.01
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Financial Statements and Exhibits
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(d) Exhibits.
Exhibit
Number
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Description
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4.1
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Securities Purchase Agreement by and among the Company and LG Capital Funding, LLC dated July 3, 2014
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4.2
4.3
4.4
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8% Convertible Redeemable Note issued to LG Capital Funding, LLC dated July 3, 2014
8% Convertible Redeemable Back End Note issued to LG Capital Funding, LLC dated July 3, 2014
8% Collateralized Secured Back End Note issued to Hangover Joe's Holding Corporation dated July 3, 2014
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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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HANGOVER JOE'S HOLDING CORPORATION
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Date: July 16, 2014
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By:
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/s/ Matthew Veal
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Matthew Veal
Interim CEO and Chief Financial Officer
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