Arkados Group, Inc. (OTCMKTS:AKDS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On March 17, 2017, the registrant entered into a letter of intent
with SolBright Renewable Energy, LLC (SolBright), a renewable
energy design and development company, to which the registrant
agrees to negotiate the acquisition of all or substantially all
of the assets of SolBright. The letter of intent includes a
mutual non-refundable break-up fee, which obligates the
registrant to pay SolBright a non-refundable break-up fee of
$250,000 if the registrant ceases to negotiate the proposed
acquisition in good faith with SolBright prior to the end of the
Exclusivity Period (as such term is defined in the letter of
intent). The letter of intent also obligates SolBright to pay the
registrant a non-refundable break-up fee of $250,000 if SolBright
ceases to negotiate the proposed acquisition in good faith with
the registrant prior to the end of the Exclusivity Period. A copy
of the letter of intent is attached as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by
reference.
Item 8.01 Other Events
On March 20, 2017, the registrant issued a press release
announcing the execution of the letter of intent with SolBright
regarding the acquisition of all or substantially all of the
assets of SolBright. A copy of the press release is attached as
Exhibit 99.2 to this Current Report on SEC Form 8-K and is
incorporated herein by reference.
The information included in this Item 8.01 of this Current Report
on Form 8-K, including the attached Exhibit 99.2, shall not be
deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the Exchange Act), or
incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
Item 9.01 Financial Statement and Exhibits
(d)Exhibits.
|
Exhibit No. |
Description |
|
| 99.1* | Letter of Intent dated March 17, 2017 | |
| 99.2* | Press Release issued on March 20, 2017 |
* Furnished herewith.
About Arkados Group, Inc. (OTCMKTS:AKDS)
Arkados Group, Inc. conducts its business activities through two subsidiaries, Arkados, Inc. (Arkados) and Arkados Energy Solutions, LLC (AES). The Company’s segments include Arkados and AES. Arkados is engaged in offering software and hardware design and developing solutions that enable machine to machine communications for the Internet of Things (IoT). Arkados’ solutions support smart grid and smart building applications primarily in the areas of building automation and energy management and are designed to drive a range of wireless and powerline communication (PLC)-based products, such as sensors, gateways, video cameras, appliances and other devices. AES focuses on the design, installation and maintenance of energy solutions for both residential and commercial customers. AES implements smart grid applications primarily in the areas of light-emitting diode (LED) lighting, building automation and energy management. Arkados Group, Inc. (OTCMKTS:AKDS) Recent Trading Information
Arkados Group, Inc. (OTCMKTS:AKDS) closed its last trading session 00.000 at 0.950 with 34,971 shares trading hands.
