2050 MOTORS, INC. (OTCMKTS:ETFM) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01 Changes in Registrant’s Certifying Accountant.
On February 27, 2019, Farber, Hass, Hurley LLP announced that the auditor-client relationship with 2050 Motors, Inc. (Commission File Number: 0-192227) has ceased as of February 26, 2019. There were no disagreements about accounting issues.
Item 5.01 Changes in Control of Registrant.
In accordance with Item 5.01 Changes in Control of Registrant and as part of this transition plan, current management and the Board are simultaneously tendering their resignations from the Company ETFM on March 6, 2019. By no later than March 15, 2019, as majority shareholder in ETFM, you will prepare Agreement between ETFM, public corporation, which owns the exclusive license and rights to the Jiangsu Aoxin New Energy Automobile Co., Ltd., (Aoxin) to import, distribute and assemble their automobiles in the USA and subsidiary, Nevada private corporation, 2050 Motors, Inc. (TFPC) for the following:
As consideration, 2050 Motors, Inc.(ETFM) will transfer to current Management and Investors, to be determined in TFPC, eighty (80) percent ownership in exchange for retaining a twenty (20) percent ownership interest in 2050 Motors, Inc., Private Corporation (TFPC) and corporate note from TFPC in the amount of Fifty ($50K) thousand dollars at 8% interest per annum to be paid out of net profits. ETFM will appoint William L. Fowler as President of 2050 Motors, Inc. private Nevada corporation (TFPC) to raise operating capital for expenses to negotiate terms and conditions to maintain Exclusive License with Aoxin.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 6, 2019, Mr. William L. Fowler resigned his positions as President/CEO along with any other executive officer positions he held with the Company. The Board, in the best interest of the Company, accepted Mr. Fowler’s resignation and thanked him for his service on behalf of the Company.
On March 6, 2019, in the best interest of the Company, the Board of Directors also appointed Vikram Grover to the positions of President/CEO, Secretary, Treasurer, Chief Financial Officer, and as Board Member of the Company. Following is some background information on Mr. Grover:
Mr. Grover is a seasoned Wall Street veteran with over two decades of experience as a sell-side research analyst and investment banker at technology-focused brokerage firms, including Needham & Co. and Thomas Weisel Partners (now Stifel Nicolaus). He is familiar with small-cap public company finance and has a broad network of money managers, family offices, high net worth investors, strategic partners and M&A targets in the U.S. and abroad. Mr. Grover has a M.S. in Management from the Georgia Institute of Technology and is a Chartered Financial Analyst (CFA).
Mr. Grover will serve until the next annual meeting of stockholders of the Company and until such officer’s and/or director’s successor is elected and qualified or until such officer’s and/or director’s earlier death, resignation or removal.
Presently, the commitments with regard to compensation or remuneration for Mr. Grover are as follows:
1) Granting Vikram Grover the compensation package of 100 million common stock purchase warrants with a strike price of $0.001 (one tenth of a cent) and a 5-year expiration date. Vesting date and start date of the five-year expiration period will commence when the Company is brought fully-reporting and current with its required SEC filings (i.e., forms 10-Q, 10-K, etc.) 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, ETFM’s closing bid price is greater than one cent ($0.01) for 10 consecutive business days / trading sessions.
2) Assignment of nine (9) million shares of Preferred Stock in 2050 Motors, Inc. at a 50 to 1 ratio (representing 450,000,000 votes) to the order of Vikram Grover.
The Company has no employee benefit plans or other compensation plans.
On March 6, 2019, Mr. Bernd Schaefers resigned his positions as Board Member and Secretary along with any other executive officer positions he held with the Company. The Board, in the best interest of the Company, accepted Mr. Schaefers’ resignation and thanked him for his service on behalf of the Company.
Item 9.01. Financial Statements and Exhibits.
2050 MOTORS, INC. Exhibit
EX-99.1 2 ex99-1.htm March 5,…
To view the full exhibit click
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.