2050 MOTORS, INC. (OTCMKTS:ETFM) Files An 8-K Changes in Control of Registrant
Item 5.01 (Changes in Control of Registrant) and Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers). Because that Form 8-K did not provide adequate information in conformity with Item 5.01 and 5.02, we are providing the information required under Items 5.01 and 5.02 in this Form 8-K Amendment.
ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT
On March 6, 2019, to a Special Board of Directors Meeting, our Board of Directors approved a compensation package for Vikram Grover, who as described below was appointed by our Board of Directors as our Principal Officer/Director. The Board of Directors granted Vikram Grover 100 million common stock purchase warrants with a strike price of $0.001 with a 5 year Warrant Exercise Period, the vesting and start date of which will commence when we become current with our SEC reporting obligations. The Warrants have not yet been issued. The number of warrants will be doubled at the end of the first year from issuance, if at any time from issuance of the initial warrants our closing bid price is greater than one cent ($0.01) for 10 consecutive trading day. Additionally, our Board of Directors approved the assignment to Vikram Grover of nine (9) million shares of Preferred Stock at a voting ratio of 50 to 1 ratio and representing 450,000,000 votes.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Resignation of William L. Fowler as our Principal Officer/Director
On March 6, 2019, William L. Fowler resigned as our President/Chief Executive Officer/Chief Financial Officer/Director. His resignation was not due to any matter relating to our operations, policies or practices. On March 6, 2019, to a Special Board of Directors Meeting, our Board of Directors accepted his resignation.
Resignation of Bernd Schaefers
On March 6, 2019, Bernd Schaefers resigned as our Secretary/Director. His resignation was not due to any matter relating to our operations, policies or practices. On March 6, 2019, to a Special Board of Directors Meeting, our Board of Directors accepted his resignation.
Appointment of Vikram Grover as our Principal Officer/Director
On March 6, 2019, to a Special Board of Directors Meeting, our Board of Directors appointed Vikram Grover as our President/Chief Executive Officer/Chief Financial Officer/Secretary/Treasurer/Director.
Biography of Vikram Grover
Vikram Grover, 49 years of age, has 20 years’ experience as an investment banker, sell-side research analyst and advisor to corporations in various businesses, including e-commerce, LED lighting, unified communications (UC), wireless technology and services, and healthcare technology. His employment over the last 5 years consists of: (a) from November 2006 to June 2015, he was Senior Managing Director of Investment Banking at Source Capital Group, Inc.; (b) from January 2016 through August 2017, he was Chief Executive Officer and Director of Good Gaming, Inc., a publicly-traded company that is a eSports tournaments/content provider; (c) from July 2015 through present, he has been Senior Vice President of Corporate Development for CMG Holdings Group, Inc., a publicly-traded corporation in the business of experiential advertising; and (d) from July 2015 through present, he has been an independent consultant to a number private and public companies while doing business as IX Advisors. He has a Master of Science Degree in Management (MSM) from the Georgia Institute of Technology and is a Chartered Financial Analyst (CFA).
Compensation of Vikram Grover
The above information contained in Item 5.01 (Changes in Control of Registrant) is incorporated herein by reference.
About 2050 MOTORS, INC. (OTCMKTS:ETFM)
2050 Motors, Inc. is a development-stage company. The Company’s principal activity is the importation and the marketing and selling of electric automobiles. The Company has an exclusive license to import, market and sell in the United States, Puerto Rico, the United States Territories and Peru, the e-Go lightweight carbon fiber all-electric vehicle design and electric light truck, manufactured by Jiangsu Aoxin New Energy Automobile Co., LTD (Aoxin Automobile) located in the Peoples Republic of China. Aoxin Automobile develops and manufactures a lightweight, carbon fiber e-Go EV electric car (e-Go EV). The Company focuses on importing vehicles completely fabricated and assembled in China from Aoxin Automobile. The Company has not generated any revenues.