CLOUDCOMMERCE, INC. (OTCMKTS:CLWD) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities.
As previously reported, CloudCommerce, Inc. (the “Company”) entered into securities purchase agreements to which it issued convertible notes to various accredited investors, which notes are convertible into shares of the Company’s common stock on the terms and subject to the conditions set forth in the various securities purchase agreements and associated notes. Certain accredited investors converted an aggregate of $3,934.80 in interest and fees resulting in the issuance of an aggregate of 4,300,327 shares of common stock.
The information below in Item 5.02 is incorporated herein by reference in response to this Item 3.02. CloudCommerce, Inc. (the “Company”) relied upon an exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended, in connection with the issuance of the options referenced in Item 5.02.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 17, 2020, the Board of Directors of the Company approved the issuance of an aggregate of 300,000,000 options to purchase the Company’s common stock to key employees (the “Options”). The Options vest equally over a period of thirty-six months, have an exercise price of $0.0019 per share, and expire five years from the effective date. The vested Options are exercisable any time after January 17, 2021. An aggregate of 283,000,000 Options were granted to members of the Board and other key employees of the Company. The Options granted to the members of the Board included 50,000,000 Options to Gregory Boden, a director and Chief Financial Officer of the Company, 10,000,000 Options to Kevin Myers, a director of the Company, and 50,000,000 Options to Andrew Van Noy, a director and Chief Executive Officer of the Company.
About CLOUDCOMMERCE, INC. (OTCMKTS:CLWD)
CloudCommerce, Inc. is a global provider of cloud-driven e-commerce and mobile commerce solutions. The Company focuses primarily on four main areas: engaging frontend design, backend integration, digital marketing and analytics, and complete solutions management. The Company’s core solutions build enterprise back-end application integrations, drive traffic mobile e-commerce, desktop e-commerce and manage hosting. The Company’s digital marketing services include search engine optimization, e-mail campaign creation and social promotions. In addition to digital marketing services, it also applies data analytics to enable businesses understand the behavior of their online customers. In addition to development, the Company also manages its client solutions with services, such as technology consulting, ongoing maintenance, hosting infrastructure build out and management. It customizes solutions using middleware or custom engineering to achieve any level of integration the customers desire.