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 February 28, 2017, the registrant entered into commitment
letter with AIP Asset Management Inc. and AIP Inc. (collectively
AIP), to which the registrant agrees to negotiate a financing
transaction with AIP. The commitment letter obligates the issuer
to pay AIP a non-refundable commitment fee of $225,000 and
non-refundable deposit of $50,000 for expenses relating to the
proposed financing. A copy of the commitment letter is attached
as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Item 9.01 Financial Statement and Exhibits
(d)Exhibits.
|
Exhibit No. |
Description |
|
| 99.1* | Commitment Letter dated February 27, 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 up +0.050 at 0.850 with 7,900 shares trading hands.