CACHET FINANCIAL SOLUTIONS, INC. (OTCBB:CAFN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On November 16, 2016, the Company entered into an unsecured
promissory note with James L. Davis, a director of the Company
(Mr. Davis), to which the Company is obligated to pay to Mr.
Davis the sum of $250,000, together with all accrued interest
thereon, in six monthly installments of $42,101 each, which
includes interest and equates to an imputed interest rate of 5%
per annum.
As an additional inducement to Mr. Davis to advance amounts under
the note, on November 16, 2016, the Company also issued to Mr.
Davis a warrant to purchase 45,547 shares of the Companys common
stock, subject to adjustments. The warrants issued to Mr. Davis
have an exercise price of $4.94 per share, subject to
adjustments, and are exercisable for a five-year period. The
warrants were issued to Mr. Davis in reliance on the exemption
from registration provided by Section 4(a)(2) of the Securities
Act of 1933, as amended.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The information provided in Item 1.01 above is incorporated
herein by reference.
Item 3.02. Unregistered Sales of Equity
Securities.
The information provided in Item 1.01 above is incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 10.1 |
Promissory Note, dated November 16, 2016, issued by the Company to James L. Davis |
| 10.2 |
Warrant to Purchase Common Stock, dated November 16, 2016, issued by the Company to James L. Davis. |
About CACHET FINANCIAL SOLUTIONS, INC. (OTCBB:CAFN)
Cachet Financial Solutions, Inc. is a technology solutions and services provider to the financial services industry. The Company’s solutions and services enable its clients, such as banks, credit unions and alternative financial services providers (AFS) to offer their customers remote deposit capture (RDC) and prepaid mobile money technologies and related services. It offers RDC products for businesses and consumers; mobile money management products for consumers, and training and support services for its financial services industry customers. The RDC products are offered to banks and credit unions in the United States, Canada and Latin America. Its mobile money management products are offered to traditional financial institutions (FIs), as well as AFS in the United States, Canada and Latin America. These FIs and AFS providers include banks, credit unions, prepaid card issuers, check cashers and payday lenders. CACHET FINANCIAL SOLUTIONS, INC. (OTCBB:CAFN) Recent Trading Information
CACHET FINANCIAL SOLUTIONS, INC. (OTCBB:CAFN) closed its last trading session down -0.05 at 4.80 with 5,374 shares trading hands.