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 May 29, 2020, China Recycling Energy Corporation, a Nevada corporation (the “Company”), entered into an Exchange Agreement (the “Exchange Agreement”) with Iliad Research and Trading, L.P., a Utah limited partnership (the “Lender”).
to the Exchange Agreement, the Company and the Lender agreed to partition a new Promissory Note in the original principal amount of $150,000 (the “Partitioned Note”) from a Convertible Promissory Note dated February 27, 2019 which was exchanged for a new Promissory Note in the original principal amount of $1,165,379.18 on April 14, 2019 (the “Note”). The Company and the Lender agreed to exchange the Partitioned Note for 65,674 shares of common stock of the Company, and then the amount of the outstanding balance of the Note will be reduced by an amount equal to the Partitioned Note. The shares of common stock were issued without any restrictions.
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 10.41.
Section 3 – Securities and Trading Markets
Item. 3.02. Unregistered Sales of Equity Securities.
Reference is made to the disclosure set forth under Item 1.01 above, which disclosure is incorporated herein by reference.
The issuance of the shares of common stock was made to Section 3(a)(9) of the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
| 10.41 | Exchange Agreement dated as of May 29, 2020 by and between Iliad Research and Trading, L.P. and China Recycling Energy Corporation |
CHINA RECYCLING ENERGY CORP Exhibit
EX-10.41 2 ea122601ex10-41_chinarecy.htm EXCHANGE AGREEMENT DATED AS OF MAY 29,…
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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.