Bravatek Solutions, Inc. (OTCMKTS:BVTK) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into Material Definitive Agreement.
On May 8, 2018, Bravatek Solutions, Inc. (the “Company”) entered into an Equity Purchase Agreement (the “Equity Purchase Agreement”) with Triton Funds, LP, a Delaware limited partnership (the “Investor”), whereby the Company shall have the right to require the Investor to purchase up to $500,000 (the “Commitment Amount”) of the Company’s common stock (“Capital Call Shares”) during the commitment period (the “Commitment Period” commencing on May 8, 2018, and terminating on the earlier of (i) December 31, 2018, (ii) termination of the Equity Purchase Agreement by the Company upon a material breach by the Investor, or (iii) the date that the Investor has purchased Capital Shares equal to the Commitment Amount.
to Section 2.3 of the Equity Purchase Agreement, each closing for Capital Call Shares shall occur on the date that is 5 business days following the date that the Investor receives Capital Call Shares from the Company. The purchase price for the shares to be paid by the Investor at each closing shall be 75% of the lowest daily volume-weighted average price of the Company’s common stock during the 5 trading days prior to a closing date.
The obligation of the Investor to purchase Capital Call Shares is subject to several conditions, including (i) that the Company has filed a registration statement with the United States Securities and Exchange Commission registering the Capital Call Shares within 60 calendar days from the date of the Equity Purchase Agreement, and (ii) that the purchase of Capital Call Shares shall not cause the Investor to own more than 4.99% of the outstanding shares of the Company’s common stock.
In connection with the Equity Purchase Agreement, on May 8, 2018, the Company also entered into a Registration Rights Agreement with the Investor (the “Registration Rights Agreement”), requiring the Company to register, per the Securities Act of 1933, the Capital Call Shares within 90 calendar days.
Finally, on May 8, 2018, the Company determined to donate 25,000,000 shares of the Company’s common stock to Triton Funds LLC.
The foregoing descriptions of the Equity Purchase Agreement and Registration Rights Agreement are qualified in their entirety by the full text of such agreements, which are filed as Exhibits 10.1 and 10.2 to, and incorporated by reference in, this report.
Item 9.01 Financial Statements and Exhibits.
The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
Bravatek Solutions, Inc. ExhibitEX-10.1 2 bvtk_ex101.htm EQUITY PURCHASE AGREEMENT bvtk_ex101.htmEXHIBIT 10.1 EQUITY PURCHASE AGREEMENT This equity purchase agreement is entered into as of May 7,…To view the full exhibit click
About Bravatek Solutions, Inc. (OTCMKTS:BVTK)
Bravatek Solutions, Inc., formerly Ecrypt Technologies, Inc., provides security, defense and information security solutions, which assist corporate entities, governments and individuals in protecting their organizations and/or critical infrastructures against error, and physical and cyber-attack. The Company is engaged in marketing and distribution of allied security, defense and information security software, hardware and services, and telecom services. The Company’s products include software, hardware and services, and span a range of industries, including e-mail security, user authentication, robotics, telecommunications and cyber breach protection. The Company’s primary business operations are focused on expanding its marketing program of allied products and services. Additionally, the Company has developed and plans to sell an enterprise-level secure e-mail software appliance named Ecrypt One. Ecrypt One is an e-mail server with integrated security technology.