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 13, 2016

____________________

FANTEX, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

 

Delaware

(State or other jurisdiction of incorporation)

 

000-55204

(Commission File Number)

 

80-0884134

(IRS Employer Identification Number)

 

 

330 Townsend Street, Suite 234
San Francisco, CA 94107
(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (415) 592-5950

____________________

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))

   

   

 

 

 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

 

On January 13, 2016, Fantex, Inc. (the “Company”) announced preliminary estimates of the fair value and attributed net equity of each of its outstanding series of convertible tracking stocks as of December 31, 2015.

The following table sets forth the preliminary estimated fair value of each of the company’s outstanding series of convertible tracking stock on an actual basis as of December 31, 2015 (unaudited) that the company expects to report for such period:

 

 

 

 

 

 

 

 

Actual as of

 

 

December 31, 2015

 

 

 

(unaudited)

Fantex Series Vernon Davis Convertible Tracking Stock

 

 

$

1,666,223

Fantex Series EJ Manuel Convertible Tracking Stock

 

 

 

970,065

Fantex Series Mohamed Sanu Convertible Tracking Stock

 

 

 

1,833,470

Fantex Series Alshon Jeffery Convertible Tracking Stock

 

 

 

7,648,174

Fantex Series Michael Brockers Convertible Tracking Stock

 

 

 

3,198,948

Fantex Series Jack Mewhort Convertible Tracking Stock

 

 

 

2,984,729

Total

 

 

$

18,301,609

 

The following table sets forth the preliminary estimated attributed net equity and components of attributed net equity for each of the company’s outstanding series of convertible tracking stock as of December 31, 2015 (unaudited) that the company expects to report for such period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets / (Liabilities) Prior to Attribution

 

Attributed Net Equity

 

 

 

Cash

 

Amounts Due from Athlete

 

Other Investments

 

Brand Contract

 

Liabilities

 

Net Equity

 

Platform Common

 

Tracking Stock

 

Fantex Series Vernon Davis Convertible Tracking Stock

 

$

574,930

 

$

56,176

 

$

110,800

 

$

1,036,757

 

$

(24,745)

 

$

1,753,918

 

$

87,696

 

$

1,666,223

 

Fantex Series EJ Manuel Convertible Tracking Stock

 

 

177,020

 

 

35,669

 

 

 —

 

 

812,876

 

 

(4,445)

 

 

1,021,121

 

 

51,056

 

 

970,065

 

Fantex Series Mohamed Sanu Convertible Tracking Stock

 

 

169,154

 

 

18,141

 

 

 —

 

 

1,750,147

 

 

(7,474)

 

 

1,929,968

 

 

96,498

 

 

1,833,470

 

Fantex Series Alshon Jeffery Convertible Tracking Stock

 

 

160,778

 

 

102,793

 

 

 —

 

 

7,789,801

 

 

(2,663)

 

 

8,050,710

 

 

402,535

 

 

7,648,174

 

Fantex Series Michael Brockers Convertible Tracking Stock

 

 

220,174

 

 

19,864

 

 

 —

 

 

3,138,539

 

 

(11,263)

 

 

3,367,314

 

 

168,366

 

 

3,198,948

 

Fantex Series Jack Mewhort Convertible Tracking Stock

 

 

47,966

 

 

3,426

 

 

 —

 

 

3,092,826

 

 

(2,398)

 

 

3,141,820

 

 

157,091

 

 

2,984,729

 

Total

 

$

1,350,024

 

$

236,071

 

$

110,800

 

$

17,620,946

 

$

(52,989)

 

$

19,264,851

 

$

963,242

 

$

18,301,609

 

 

The December 31, 2015 fair value update (unaudited) has not been subject to an audit or review by our independent auditors and is subject to change upon the completion of the audit of our financial statements as of and for the year ended December 31, 2015.

The information contained in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date of this filing, regardless of any general incorporation language in such filing.

 

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements, including preliminary estimates for the fourth quarter of 2015 for the fair values and net attributed equity of Fantex, Inc.’s outstanding series of convertible tracking stocks, that are based upon management’s current expectations and are inherently uncertain. The preliminary fair value and net attributed equity estimates referenced in Current Report on Form 8-K are preliminary


 

and subject to the completion of the company’s customary quarterly closing and review procedures. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting the Company’s business. The reader is cautioned not to unduly rely on the forward-looking statements contained in this Current Report on Form 8-K. Additional information on potential factors that could affect Fantex’s results and other risks and uncertainties are detailed in its Quarterly Report on Form 10-Q for quarter-ended September 30, 2015 and its Annual Report on Form 10-K for the year-ended December 31, 2014, filed with the SEC and available at http://www.sec.gov.

 

 

 

 


 

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.

 

 

 

 

 

 

 

 

 

 

 

January 13, 2016

 

 

 

 

 

FANTEX, INC.

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ David Mullin

 

 

 

 

 

 

 

 

David Mullin

 

 

 

 

 

 

 

 

Chief Financial Officer