Agritech Worldwide, Inc. (OTCMKTS:FBER) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
Agritech Worldwide, Inc. (the Company) and the holders of all of
the Companys issued and outstanding warrants (the Warrants) as of
December 12, 2016 entered into agreements effective December 12,
2016 (the Exchange Agreements) to which they exchanged (the
Exchange) their Warrants (which were initially exercisable for an
aggregate of 52,752,869 shares of the Companys common stock, par
value $0.00005 per share (the Common Stock)) for an aggregate of
53,097,601 shares of Common Stock (which is the equivalent to the
issuance of one share of Common Stock for each Warrant
exchanged). The holders of the shares of Common Stock received in
exchange for the Warrants are prohibited from selling or
otherwise transferring the shares of Common Stock until March 11,
2017.
As of December 12, 2016, after taking into account the
transactions described in this Current Report on Form 8-K, the
Company had (i) 154,976,459 shares of Common Stock outstanding,
and (ii) zero warrants outstanding to purchase shares of Common
Stock. The foregoing description of the Exchange Agreements is
qualified in its entirety by reference to the full text of the
form of the Exchange Agreement, a copy of which is attached
hereto as Exhibit 10.1 and is incorporated by reference herein.
Item 3.02.Unregistered Sales of Equity
Securities.
The information set forth under Item 1.01 of this Current Report
on Form 8-K is hereby incorporated by reference into this Item
3.02. The Common Stock issued in exchange for the Warrants was
issued in reliance upon Section 4(a)(2) of the Securities Act of
1933, as amended.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits |
Exhibit No. | Description | |
10.1 | Form of Exchange Agreement |
About Agritech Worldwide, Inc. (OTCMKTS:FBER)
Agritech Worldwide, Inc., formerly Z Trim Holdings, Inc., is an agricultural technology company. The Company owns existing, and seeks to develop new, products and processes that convert generally available agricultural by-products into multi-functional all-natural ingredients that can be used in food manufacturing and other industries. Its products cater to food and nutritional beverage industry, including fat-free, low-fat, reduced-fat and full-fat, across meats, baked goods, dairy and non-dairy products, snacks, beverages, dressings, sauces and dips. Its industrial products division focuses on the manufacture, marketing and sales of products designed specifically for industrial applications, including oil drilling fluids, petroleum coke, charcoal briquettes, hydraulic fracturing, and paper and wood adhesives. Its product portfolio of multifunctional food ingredients includes Corn Z Trim (both genetically modified organism (GMO) and non-GMO) and Oat Z-Trim. Agritech Worldwide, Inc. (OTCMKTS:FBER) Recent Trading Information
Agritech Worldwide, Inc. (OTCMKTS:FBER) closed its last trading session 00.0000 at 0.0101 with 500 shares trading hands.