2050 MOTORS, INC. (OTCMKTS:ETFM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGMENTS OF CERTAIN OFFICERS
On April 4, 2019, we removed all Officers and/or Directors of our wholly-owned subsidiary, 2050 Motors, Inc., a Nevada corporation (“2050 Private”); thereafter, 2050 Private appointed our Chief Executive Officer, Vikram Grover, as 2050 Private’s President/Sole Director.
ITEM 8.01 OTHER EVENTS
On March 27, 2019, we issued a demand letter to BKS Cambria, LLC (“BKS”) and United Biorefineries, Inc. (“United”) to return 84,770,115 and 53,347,701 of our common stock shares in certificate form, respectively, that were invalidly issued by our prior management. BKS and United failed to respond to our demand letter by the demand date and we have not received the foregoing share amounts in certificate form from UBC and BKS. We are evaluating our legal remedies regarding this matter.
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.