MOBILESMITH, INC. (OTCMKTS:MOST) Files An 8-K Entry into a Material Definitive Agreement
Item 2.03 Entry into a Material Definitive Agreement.
MOBILESMITH, INC. (OTCMKTS:MOST) Files An 8-K Entry into a Material Definitive Agreement
On April 30, 2020, Mobilesmith, Inc. (the “Company”), entered into the Eleventh Amendment (the “Eleventh Amendment”) to Convertible Secured Subordinated Note Purchase Agreement dated November 14, 2007 (the “2007 Note Purchase Agreement”), the Ninth Amendment to the Convertible Secured Subordinated Promissory Notes (the “2007 Notes”) issued by the Company under the 2007 Note Purchase Agreement and Eighth Amendment to Registration Rights Agreement, with the holders of a majority of the aggregate outstanding principal amount of the 2007 Notes. The Eleventh Amendment extends the maturity date of the outstanding 2007 Notes from November 14, 2020 to November 14, 2022, and amends the 2007 Note Purchase Agreement and the Registration Rights Agreement, dated November 14, 2007, to reflect this extension.
In addition, on April 30, 2020 the Company entered into the Third Amendment (the “Third Amendment”) to Convertible Subordinated Note Purchase Agreement dated December 11, 2014, (the “2014 Note Purchase Agreement”) and the Third Amendment to the Convertible Secured Subordinated Promissory Notes (the “2014 Notes”) issued by the Company under the 2014 Note Purchase Agreement with the holders of a majority of the aggregate outstanding principal amount of the 2014 Notes. The Third Amendment extends the maturity date of the outstanding 2014 Notes from November 14, 2020 to November 14, 2022, and amends the 2014 Note Purchase Agreement to reflect this extension. In addition, the Third Amendment allows the Company to issue 2014 Notes as consideration of cancellation of other indebtedness.
Except as so amended, all of the terms relating to the outstanding 2007 Notes and the 2014 Notes continue in full force and effect. The Company is entitled to utilize the amounts available for future borrowing under each of the 2007 Note Purchase Agreement and the 2014 Note Purchase Agreement through November 14, 2022.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 2.03 hereof is incorporated herein by reference.
Item 2.03Financial Statements and Exhibits.
(d) Exhibits
10.1 Eleventh Amendment to Convertible Secured Subordinated Note Purchase Agreement, Ninth Amendment to Convertible Secured Subordinated Promissory Notes and Eighth Amendment to Registration Rights Agreement, dated April 30,2020 , by and among MobileSmith, Inc., Grasford Investments LTD. and Union Bancaire Privee (“UBP”).
10.2 Third Amendment to Convertible Subordinated Note Purchase Agreement and Second Amendment to Convertible Subordinated Promissory Notes, dated April, 2020, by and among MobileSmith, Inc., UBP and Grasford Investments Limited.
MobileSmith, Inc. Exhibit
EX-10 2 amendment11to2007npa30apr.htm AMENDMENT 11 TO 2007 NPA amendment11to2007npa30apr Exhibit 10.1 ELEVENTH AMENDMENT TO CONVERTIBLE SECURED SUBORDINATED NOTE PURCHASE AGREEMENT,…
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EX-10 2 amendment11to2007npa30apr.htm AMENDMENT 11 TO 2007 NPA amendment11to2007npa30apr Exhibit 10.1 ELEVENTH AMENDMENT TO CONVERTIBLE SECURED SUBORDINATED NOTE PURCHASE AGREEMENT,…
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About MOBILESMITH, INC. (OTCMKTS:MOST)
MobileSmith, Inc. develops and markets a software-as-a-service (SaaS) platform that allows non-programmers to design and build native mobile applications for smartphones and tablets. The Company’s product is the MobileSmith Platform (the Platform). The Company’s Platform is an application development platform that enables organizations to create, deploy and manage custom, native smartphone and tablet applications deliverable across iPhone operating system (iOS) and Android mobile platforms. The Company’s principal products and services include subscription to its SaaS cloud-based mobile application development platform to customers who design and build their own applications; internal and secure mobile development platform for the United States Department of Defense and related contractors; custom mobile application design and development services; mobile application marketing services, and mobile strategy implementation consulting.