CLEANSPARK, INC. (OTCMKTS:CLSK) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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CLEANSPARK, INC. (OTCMKTS:CLSK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

On May 1, 2020, CleanSpark, Inc., a Nevada corporation (the “Company”), entered into a Third Amendment to Transaction Documents (the “Third Amendment”) with an otherwise unaffiliated third-party institutional investor (the “Investor”).

The Third Amendment amends those certain existing Securities Purchase Agreements (the “Agreements”) and Senior Secured Redeemable Convertible Debentures (the “Debentures”) previously disclosed by the Company, and as amended previously on March 13, 2020.

As provided in the Third Amendment, until September 29, 2020, the Company will not be required to reserve or issue to Investor more shares of Common Stock than were reserved for Investor prior to May 1, 2020.

In addition, the Company previously amended the Agreements to lower the Closing Price of the Common Stock which may trigger an Event of Default from $5.00 per share under the Agreements down to $1.75 per share for 5 consecutive Trading Days. The Third Amendment further amends this clause in the Agreements to provide that an Event of Default under this provision would not be triggered, if at all, until after September 29, 2020.

The foregoing description of the terms of the Third Amendment do not purport to be complete and are qualified in their entirety by reference to the provisions of such Third Amendment, the form of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

(d) Exhibits


CLEANSPARK, INC. Exhibit
EX-10.1 2 ex10_1.htm THIRD AMENDMENT TO TRANSACTION DOCUMENTS   This Third Amendment to Transaction Documents (“Amendment”) is made and entered into on May 1,…
To view the full exhibit click here

About CLEANSPARK, INC. (OTCMKTS:CLSK)

CleanSpark, Inc., formerly Stratean, Inc., is in the business of acquiring, licensing and marketing patents and technology to create sustainable energy for its energy customers. The Company is a microgrid company, which combines a stratified downdraft gasifier with engineering and software and controls for distributed energy resource management systems. Its software allows energy generated locally to be shared with other interconnected microgrids. The Company’s Flex Power System is an integrated microgrid control platform that integrates all forms of energy generation with energy storage devices and controls facility loads to provide energy security in real time free of cyber threats. The Flex Power System provides sustainable energy with cost savings for its energy customers. The Flex Power System allows customers to manage renewable energy generation, storage and consumption. Its FractalGrid topology enables multiple microgrids to work together or disassociate base on the system.