mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL) Files An 8-K Entry into a Material Definitive Agreement

mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

On September 24, 2019, mPhase Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with accredited investors to which the Company issued and sold convertible promissory notes in the aggregate principal amount of $124,200 (including an aggregate of $9,200 in original issuance discounts) (the “Notes”). The closing of the transactions contemplated by the Securities Purchase Agreement occurred on September 27, 2019, the date the Company received net proceeds in the amount of $112,000.

The Notes mature on September 24, 2020, bear interest at a rate of 8% per annum (increasing to 24% per annum upon the occurrence of an Event of Default (as defined in the Notes)) and are convertible into shares of the Company’s common stock, par value $0.01 per share, at a conversion price as specified in the Notes, subject to adjustment. The Notes may be prepaid by the Company at any time prior to the 180th day after the issuance date of the Notes with certain prepayment penalties as set forth therein.

The foregoing description of the Securities Purchase Agreement and the Notes does not purport to be complete and is qualified in its entirety by reference to the full text of the form of those documents, which are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K, and are hereby incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 2.03 by reference.

Item 3.02 Unregistered Sales of Equity Securities.

Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 3.02 by reference.

The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state, and were offered and issued in reliance on the exemption from the registration requirements under the Securities Act afforded by Section 4(a)(2) thereof.

10.1 Form of Securities Purchase Agreement
10.2 Form of Note

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MPHASE TECHNOLOGIES INC Exhibit
EX-10.1 2 ex10-1.htm   SECURITIES PURCHASE AGREEMENT   This SECURITIES PURCHASE AGREEMENT (the “Agreement”),…
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About mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL)

mPhase Technologies, Inc. is focused on marketing its automotive battery jump starter designed for the mass market and developing new smart surface products through the sciences of microfluidics, microelectromechanical systems (MEMS) and nanotechnology. The Company is engaged in commercializing its nanotechnology-enabled product for military and commercial applications-The Smart NanoBattery providing Power On Command. Its battery technology, based on the phenomenon of electrowetting, offers a way to store energy and manage power. The platform technology behind the Smart NanoBattery is a porous nanostructured material used to repel and precisely control the flow of liquids. The material has a Smart Surface that can be designed for other product applications, including medical oxygen generation, hot/cold packs and emergency lighting. As of December 31, 2015, the Company had completed a Phase II Small Business Technology Transfer Program (STTR) grant.

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