Current Report Filing (8-k)
03 June 2020 - 3:26AM
Edgar (US Regulatory)
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): May 14, 2020
Bantec, Inc.
(Exact name of registrant as specified in its
charter)
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Delaware
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000-55789
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30-0967943
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(state or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification Number)
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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):
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☐
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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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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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BANT
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OTC
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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
May 14, 2020, Bantec, Inc. (the “Company”) entered into a convertible promissory note with Tri-Bridge Ventures, LLC
(“Lender”) in the principal amount of $35,000, (the “May 14, 2020 Note”). The May 14, 2020 Note carries
interest at the rate of 8%, matures on May 14, 2021, and is convertible into shares of the Company’s common stock, par value
$0.0001, at the Lender’s election, at a 40% discount, provided that the Lender may not own greater than 9.99% of the Company’s
common stock at any time.
On
May 27, 2020, the Company received funding for the Convertible Promissory Note from Tri-Bridge Ventures, LLC.
The foregoing is a summary
of the terms of the May 14, 2020 Note and is qualified in its entirety by the May 14, 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:
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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Date: May 28, 2020
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Bantec, Inc.
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By:
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/s/ Michael Bannon
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Name: Michael Bannon
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Title: President and CEO
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