Agritech Worldwide, Inc. (OTCMKTS:FBER) Files An 8-K Other Events
Item 8.01. Other Events.
On February 17, 2017, Jonathan Kahn, the Chief Executive Officer
of Agritech Worldwide, Inc. (the Company), Morris Garfinkle, the
Chairman of the Board of Directors of the Company (the Board),
and the Garfinkle Revocable Trust filed a Schedule 13D with the
Securities and Exchange Commission, which, among other things,
described a term sheet (the Term Sheet), which was annexed to the
Schedule 13D, that they had presented to the Companys Special
Committee of the Board. The Term Sheet is for a proposed
convertible preferred stock financing relating to the potential
issuance by the Company of shares of up to $6,000,000 but not
less than $4,000,000 of a newly-created series of preferred stock
of the Company. As proposed, such newly-created preferred stock
would be convertible into up to a maximum of 75% of the Companys
equity (on a fully-diluted basis) and would be entitled, as a
class, to designate three of the five directors of the Company.
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 down -0.0009 at 0.0180 with 6,216 shares trading hands.
