GENUFOOD ENERGY ENZYMES CORP. (OTCMKTS:GFOO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Summary of the Transaction
Hukui Biotechnology Corporation, a corporation organized under the laws of Samoa (“Hukui”), and Genufood Energy Ezymes Corp. (the “Company” or “we”) entered into a Series C Preferred Shares Subscription Agreement dated September 23, 2020 (the “Hukui Agreement”), to which we have agreed to purchase an aggregate 200,000 shares of Hukui’s Series C Preferred Stock (“Series C Preferred Shares”) at $10.00 per share, for an aggregate investment of $2,000,000.
We will purchase the Series C Preferred Shares in three tranches, through a date on or before June 30, 2022, as follows:
to the Hukui Agreement, we have agreed to purchase an aggregate 200,000 shares of Hukui’s Series C Preferred Stock (“Series C Preferred Shares”) at $10.00 per share, for an aggregate investment of $2,000,000.
We will purchase the Series C Preferred Shares in three tranches, through a date on or before June 30, 2022, as follows:
We have authorized our transfer agent to issue 9,000,000 shares of our common stock to John Lin, our President and Chief Executive Officer.
These shares represent the remainder of 27,000,000 shares of our common stock (adjusted for a 1-for-100 reverse stock split (the “Reverse Stock Split”)) that we agreed to issue to Mr. Lin to that certain Amended and Restated Settlement Agreement and Mutual Release made and entered into as of September 30, 2019 (the “Lin Settlement Agreement”), the terms and conditions of which have previously been disclosed by us in our Form 10 registration statement, as amended, and various periodic reports, filed by us with the Securities and Exchange Commission from time to time.
At the time that we entered into the Lin Settlement Agreement, we did not have a sufficient number of authorized and unissued shares of our common stock to issue all 27,000,000 shares provided for therein. Following the effectiveness of the Reverse Stock Split, we have a sufficient number of authorized and unissued shares of our common stock to issue the remaining 9,000,000 such shares to Mr. Lin and are doing so at this time.
(d) Exhibits.
| Item | Description |
| 10.01 | Series C Preferred Shares Subscription Agreement dated September 23, 2020 by and between Hukui Biotechnology Corporation and Genufood Energy Enzymes Corp. |
Genufood Energy Enzymes Corp. Exhibit
EX-10.1 2 ea127242ex10-1_genufood.htm SERIES C PREFERRED SHARES SUBSCRIPTION AGREEMENT DATED SEPTEMBER 23,…
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About GENUFOOD ENERGY ENZYMES CORP. (OTCMKTS:GFOO)
Genufood Energy Enzymes Corp. is an enzyme distributor. The Company exports and distributes enzyme products for human consumption, as well as for animal consumption. Its ProCellax range of enzyme products are for human consumption and are all-natural. All ProCellax range of enzyme products are suitable for vegetarians and vegans. ProCellax enzymes are extracted from fruits and vegetables, free of pesticides, chemicals, preservatives, animal derivatives, dairy, lactose, yeast, fish or shellfish, peanuts, tree nuts, artificial sweeteners and colors. ProAnilax range of enzyme products are a multi enzyme blend of on-animal source enzymes specially formulated for the digestive system of cats and dogs; and to facilitate movement, as well as for tissue and muscle healing as a result of injury thus helps to repair damaged tissue. The Company also exports and distributes Adam’s Peak Natural Spring Water, TaniNZ Premium Pure Artesian Water and Ayala’s Herbal Water.
