Aura Systems, Inc. (OTCMKTS:AUSI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
As previously reported in a Current Report on Form 8-K filed on
February 8, 2017 (the Prior Transaction Amendment Report), the
Registrant has entered into a First Amendment to Transaction
Documents (the Amendment) with five parties (the Signatories), to
which a Securities Purchase Agreement dated May 6, 2013 (the 2013
Purchase Agreement) among Registrant, the Signatories, and two
other parties has been amended. Among other things, the Amendment
obligated the Registrant to file with the Securities and Exchange
Commission by March 15, 2017 a preliminary proxy statement for a
stockholders meeting at which Registrant will seek stockholder
approval of resolutions (the Resolutions) to (i) elect a new
board of at least five directors, (ii) approve a reverse stock
split of up to 1-for-7, and (iii) if required by applicable law,
approve an exempt offering of securities.
In addition, as previously reported in a Current Report on Form
8-K filed on January 25, 2017 (the Prior Refinancing Report), the
Registrant entered into a Debt Refinancing Agreement (the
Refinancing Agreement) with Warren Breslow and the Survivors
Trust Under the Warren L. Breslow Trust (the Breslow Trust) and a
related Unsecured Convertible Promissory Note (the Note) with the
Breslow Trust. Among other things, the Refinancing Agreement
required the Company to cause a preliminary proxy statement
relating to the Resolutions and the stockholders meeting to be
filed with the SEC by no later than March 1, 2017.
The Amendment and the Refinancing Agreement have been amended by
the Registrant and the applicable parties to provide that
Registrant must file its preliminary proxy statement with the SEC
by April 10, 2017.
The above discussion does not describe all of the terms of the
Amendment or the Refinancing Agreement, and is qualified in its
entirety by the actual terms of such documents. The Prior
Transaction Amendment Report and the Prior Refinancing Report are
incorporated herein by this reference.
SECTION 8 OTHER EVENTS
Item 8.01 Other Events.
The Registrant currently is delinquent in filing its Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q, and
consequently neither the narrative nor the financial information
contained in the most recent such reports should be relied upon
as presenting a materially accurate description of the current
business or financial condition of the Registrant. The Registrant
will seek to become current in its filings with the Securities
and Exchange Commission as soon as reasonably practicable.
About Aura Systems, Inc. (OTCMKTS:AUSI)
Aura Systems, Inc. (Aura) designs, assembles, tests and sells its Axial Flux induction machine (AF) known as the AuraGen for industrial and commercial applications and VIPER for military applications. The Company’s system when applied as a generator uses the engine of a vehicle or any other prime mover to create mechanical energy and the AuraGen converts the mechanical energy to electric power. Its control system is used to deliver such power to the user. When used as an electric motor, its system delivers mechanical power to drive mechanical devices. The Company focuses on mobile power applications and thus the Company requires interface kits to prime movers. In addition the Company has interface kits for numerous model of military HMMWV, as well as other military vehicles. The Company is also working with a number of customers on integrating its AuraGen/VIPER power solution with stand alone engines knows as Auxiliary-Power-Unit (APU) to be used in emergency rescue. Aura Systems, Inc. (OTCMKTS:AUSI) Recent Trading Information
Aura Systems, Inc. (OTCMKTS:AUSI) closed its last trading session up +0.005 at 0.165 with 69,102 shares trading hands.