Form 8-K - Current report
08 March 2024 - 9:00AM
Edgar (US Regulatory)
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0001329606
0001329606
2024-03-07
2024-03-07
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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): March 7, 2024 (March 4, 2024).
CLEAN
ENERGY TECHNOLOGIES, INC.
(Exact
name of Company as specified in its charter)
Nevada |
|
001-41654 |
|
20-2675800 |
(State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
of Incorporation) |
|
File Number) |
|
Identification Number) |
2990
Redhill Avenue
Costa
Mesa, CA 92626
(Address
of principal executive offices)
Phone:
(949) 273-4990
(Company’s
Telephone Number)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company 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)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
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, par value
$0.001 |
|
CETY |
|
Nasdaq |
Item
1.01 Entry into a Material Definitive Agreement.
On
March 4, 2024, Clean Energy Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Agreement”)
with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (the “Buyer”), pursuant to which
the Company agreed to issue and sell to the Buyer a convertible promissory note of the Company in the principal amount of $280,500 (the
“Note”) for a purchase price of $255,000 (the “Purchase Price”) plus an original issue discount
in the amount of $25,500. The Note provides for interest at the rate of 10% per annum. The principal amount of the Note and all interest
accrued shall be repaid in 11 monthly instalments, each in the amount of $28,050, with the first payment due April 4, 2024.
As
a condition to the sale of the Note, the Company has issued to the Buyer 20,000 shares of Common Stock as commitment shares. On the closing
date, the Buyer shall further withhold from the Purchase Price (i) a non-accountable sum of $6,000 to cover the Buyer’s legal fees
in connection with this transaction and (ii) a sum of $5,562.50 to cover the Company’s fees owed to Revere Securities LLC, a registered
broker-dealer, in connection with this transaction.
All
or any part of the outstanding and unpaid amount under the Note may be converted at any time following an event of default (the “Event
of Default”) into common stock of the Company, par value $0.001 per share (“Common Stock”), at the conversion price
of $1.60 per share, subject to a beneficial ownership limitation of 4.99% of the Buyer and its affiliates. Events of Default include
failure to pay principal or interest, bankruptcy of the Company, delisting of the Common Stocks, and other events as set forth in the
Note.
The
Company shall use the proceeds from this transaction first for the repayment in full of that certain promissory note in the original
principal amount of $143,750 issued by the Company to the Buyer on January 3, 2024, and second for business development, and not for
any other purpose, including (i) the repayment of any indebtedness owed to officers, directors or employees of the Company or their affiliates,
(ii) the repayment of any debt issued in corporate finance transactions, or (iii) any loan to or investment in any other corporation,
partnership, enterprise or other person (except in connection with the Company’s currently existing operations).
The
Company sold the securities referenced in this Item 1.01 in reliance upon an exemption from registration contained in Section 4(a)(2)
of the Securities Act of 1933, as amended, and Rule 506(b) promulgated thereunder.
The
foregoing description of the Agreement and the Note does not purport to be complete and is qualified in its entirety by reference to
the full text of the Agreement and the Note, copies of which are filed as Exhibit 10.1 and Exhibit 10.2 to this current report on Form
8-K.
Item
3.02 Unregistered Sales of Equity Securities.
The
information contained above in Item 1.01 is hereby incorporated by reference into this Item 3.02.
Item
9.01 Financial Statement and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Clean
Energy Technologies, Inc.
|
/s/
Kambiz Mahdi |
|
By: |
Kambiz Mahdi |
|
|
Chief Executive Officer |
|
|
|
|
Date: |
March 7, 2024 |
|
Exhibit 10.1
Exhibit 10.2
v3.24.0.1
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