CHINA RECYCLING ENERGY CORPORATION (NASDAQ:CREG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On November 22, 2019, China Recycling Energy Corporation, a Nevada corporation (the “Company”), entered into an Exchange Agreement (the “First Exchange Agreement”) with certain investors who had been party to that certain Securities Purchase Agreement dated October 29, 2018 (the “October Securities Purchase Agreement”) by and among the Company and such investors (the “October Investors”). The October Securities Purchase Agreement was filed as an exhibit to our Form 8-K filed with the SEC on October 30, 2018.
to the First Exchange Agreement, the Company and the October Investors agreed to exchange the outstanding warrant (the “October Warrant”, as exercised, the “October Warrant Stock”) issued by the Company to the October Investors to the October Securities Purchase Agreement into shares of common stock of the Company, with an exchange ratio of 1 share of October Warrant Stock for 0.5 shares of common stock, according to the terms and conditions of the First Exchange Agreement.
On November 22, 2019, the Company entered into a Second Exchange Agreement (the “Second Exchange Agreement”) with certain investors who had been party to that certain Securities Purchase Agreement dated April 15, 2019 (the “April Securities Purchase Agreement”) by and among the Company and such investors (the “April Investors”). The April Securities Purchase Agreement was filed as an exhibit to our Form 8-K filed with the SEC on April 15, 2019.
to the Second Exchange Agreement, the Company and the April Investors agreed to exchange the outstanding warrant (the “April Warrant”, as exercised, the “April Warrant Stock”) issued by the Company to the April Investors to the April Securities Purchase Agreement into shares of common stock of the Company, with an exchange ratio of 1 share of April Warrant Stock for 0.6 shares of common stock, according to the terms and conditions of the Second Exchange Agreement.
The foregoing description of the First and Second Exchange Agreements is not complete and is qualified in its entirety by reference to the full text of the First and Second Exchange Agreements, copies of which are attached hereto as Exhibits 10.1 and 10.2 and incorporated by reference herein.
Item 3.02 Unregistered Sales of Equity Securities
Please see the disclosure set forth under Item 1.01, which is incorporated by reference into this Item 3.02
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are filed with this report.
| 10.1 | Form of Exchange Agreement by and between China Recycling Energy Corporation and October Investors, dated November 22, 2019. |
| 10.2 | Form of Exchange Agreement by and between China Recycling Energy Corporation and April Investors, dated November 22, 2019. |
CHINA RECYCLING ENERGY CORP Exhibit
EX-10.1 2 f8k112219ex10-1_china.htm FORM OF EXCHANGE AGREEMENT BY AND BETWEEN CHINA RECYCLING ENERGY CORPORATION AND OCTOBER INVESTORS,…
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About CHINA RECYCLING ENERGY CORPORATION (NASDAQ:CREG)
China Recycling Energy Corporation is engaged in the recycling energy business, providing energy savings and recycling products and services. The Company develops waste energy recycling projects for industrial applications in China. It offers waste energy recycling systems to companies for use in iron and steel, nonferrous metal, cement, coal and petrochemical plants. Its waste pressure-to-energy solution consists of the blast furnace top gas recovery turbine unit (TRT), a system that utilizes high pressure gas emitted from the blast furnace top to drive turbine units and generate electricity. Its waste heat-to-energy solution consists of heat power generation projects for applications in cement, steel, coking coal and nonferrous metal industries, which collect the residual heat from various manufacturing processes, such as the entrance and exit ends of the cement rotary kilns, to generate electricity.