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EX-10.1 - JULY 10, 2020 CONVERTIBLE PROMISSORY NOTE WITH GENEVA ROTH REMARK HOLDINGS, INC - Bantec, Inc. | ea124407ex10-1_bantec.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 10, 2020
Bantec, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 000-55789 | 30-0967943 | ||
(state or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification Number) |
195 Paterson Avenue, Little Falls, NJ 07424
(address of principal executive offices) (zip code)
(203) 220-2296 | ||
(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):
☐ | 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)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock | BANT | OTC |
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. ☐
Item 1.01 | Entry into a Material Definitive Agreement. |
On July 10, 2020, Bantec, Inc. (the “Company”) entered into a convertible promissory note with Geneva Roth Remark Holdings, Inc. (“Lender”) in the principal amount of $53,000, (the “July 10, 2020 Note”). The July 10, 2020 Note carries interest at the rate of 10%, matures on July 20, 2021, and is convertible into shares of the Company’s common stock, par value $0.0001, at the Lender’s election, after 180 days, at a 42% discount, provided that the Lender may not own greater than 4.99% of the Company’s common stock at any time.
The Company received funding under the July 10, 2020 Note on July 15, 2020.
The foregoing is a summary of the terms of the July 10, 2020 Note and is qualified in its entirety by the July 10, 2020 Note attached hereto and incorporated herein as Exhibit 10.1.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits: The following exhibits are filed with this report:
Exhibit No. | Description | |
10.1 |
July 10, 2020 Convertible Promissory Note with Geneva Roth Remark Holdings, Inc. |
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: July 20, 2020 | Bantec, Inc. | |
By: | /s/ Michael Bannon | |
Name: Michael Bannon | ||
Title: President and CEO |