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 January 3, 2020, China Recycling Energy Corporation, a Nevada corporation (the “Company”), entered into an Exchange Agreement (the “Agreement”) with Iliad Research and Trading, L.P., a Utah limited partnership (the “Lender”).
to the Agreement, the Company and Lender agreed to partition a new Promissory Note in the original principal amount of $150,000 (the “Partitioned Note”) from a Promissory Note (the “Note”) issued by the Company on April 14, 2019, which was exchanged from a Convertible Note originally issued by Company on January 31, 2019 and then the outstanding balance of the Note shall be reduced by an amount equal to the initial outstanding balance of the Partitioned Note. The Company and Lender further agreed to exchange the Partitioned Note for the delivery of 500,000 shares of the Company’s Common Stock, par value $0.001 according to the terms and conditions of the Agreement.
The foregoing description of the Exchange Agreement is not complete and is qualified in its entirety by reference to the full text of the Exchange Agreement, a copy of which is attached hereto as Exhibit 10.1 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 | Exchange Agreement by and between China Recycling Energy Corporation and Iliad Research and Trading, L.P. dated January 3, 2020 |
CHINA RECYCLING ENERGY CORP Exhibit
EX-10.1 2 f8k010320ex10-1_china.htm EXCHANGE AGREEMENT BY AND BETWEEN CHINA RECYCLING ENERGY CORPORATION AND ILIAD RESEARCH AND TRADING,…
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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.