NEWTOWN LANE MARKETING, INCORPORATED (OTCMKTS:NTWN) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On August 18, 2020, Newtown Lane Marketing, Incorporated, a Delaware corporation (the “Company”), issued a convertible promissory note (the “August 2020 Note”) in the principal amount of $20,000 to Ironbound Partners Fund, LLC (“Ironbound”), an affiliate of the Company’s President. The August 2020 Note has a maturity date of August 31, 2021 and bears interest at the rate of 5.0% per annum, payable at maturity. The principal and accrued interest on the August 2020 Note is convertible, at the election of Ironbound, into shares of the Company’s common stock following the consummation of a “Qualified Financing” (as defined in the August 2020 Note), or upon the consummation of a “Fundamental Transaction” (as defined in the August 2020 Note) at the “Conversion Price” (as defined in the August 2020 Note). The proceeds of the August 2020 Note will be utilized by the Company to fund working capital needs.
The foregoing description of the August 2020 Note is qualified in its entirety by the full text of the August 2020 Note, which is filed as Exhibit 4.1 hereto and incorporated by reference herein.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits:
| Exhibit | Description |
| 4.1 | Convertible Note, dated August 18, 2020 |
NEWTOWN LANE MARKETING INC Exhibit
EX-4.1 2 ea125695ex4-1_newtown.htm CONVERTIBLE NOTE,…
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About NEWTOWN LANE MARKETING, INCORPORATED (OTCMKTS:NTWN)
Newtown Lane Marketing, Incorporated (Newtown) is a shell company. The Company’s main purpose is to serve as a vehicle to acquire an operating business. As of March 31, 2016, the Company had limited operations. As of March 31, 2016, the Company had no revenues. The Company does not own any operating business.