PAYMEON, INC. (OTCMKTS:PAYM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry into a Material Definitive Agreement.
On December 12, 2018, PayMeOn, Inc., a Nevada corporation (the “Company”), filed Articles of Merger (the “Articles of Merger”) with the Secretary of State of Nevada.
As permitted by Chapter 92A.180 of Nevada Revised Statutes, the sole purpose of the Articles of Merger was to effect a change of the Company’s name from PayMeOn, Inc. to Basanite, Inc. (the “Merger”).
The Merger and the name change do not affect the rights of the Company’s shareholders and the shareholders of the Company are not required to take any action as a result of the name or symbol change.
The Merger will be consummated to an Agreement and Plan of Merger (the “Merger Agreement”) whereby the Company agreed to merge with its recently formed wholly owned subsidiary, Basanite, Inc., a Nevada corporation with no material operations (“Merger Sub”). Upon the consummation of the Merger on 12:01 a.m. December 19, 2018, the separate existence of Merger Sub will cease and shareholders of the Company became shareholders of the surviving company named Basanite, Inc. and the Company’s Articles of Incorporation will be deemed amended to reflect the change in the Company’s new corporate name.
The Company has notified the Financial Industry Regulatory Authority (“FINRA”) of the name change. The name change will take effect in the market upon approval by FINRA. Once FINRA approves the name change, the Company will be issued a new symbol and the Company will disclose the change in a subsequent Current Report on Form 8-K and press release.
A copy of the Merger Agreement is attached hereto as Exhibit 2.1. A copy of the Articles of Merger is attached hereto as Exhibit 3.1.
Item 5.03
Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year.
The information set forth in Item 1.01 is incorporated herein by reference.
Item 8.01
Other Events.
The information set forth in Item 1.01 is incorporated herein by reference..
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
Exhibits filed as part of this Current Report are as follows:
PayMeOn, Inc. Exhibit
EX-2.1 2 paym_ex2z1.htm AGREEMENT AND PLAN OF MERGER AGREEMENT AND PLAN OF MERGER EXHIBIT 2.1 AGREEMENT AND PLAN OF MERGER THIS AGREEMENT AND PLAN OF MERGER,…
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About PAYMEON, INC. (OTCMKTS:PAYM)
PayMeOn, Inc. (PayMeOn), formerly MMAX Media, Inc., owns and operates products that are focused on monetizing consumer influence through social, local and mobile marketing. The Company is engaged in the sale of electric bicycles, hoverboards, and other related products and accessories, at its Website, www.irideelectric.com, and at its retail location located in Fort Lauderdale, Florida. PayMeOn holds a stake in Prodeco Technologies, LLC, which is a researcher, developer, marketer and manufacturer of electric bicycles. The Company sells ProdecoTech electric bicycles online through its Website, www.irideelectric.com, under a non-exclusive dealer agreement. In addition to ProdecoTech electric bicycles, the Company also sells electric bicycles made by other manufacturers. PayMeOn holds an interest in HLM Paymeon, Inc. and Paymeon Brands, Inc. Paymeon Brands, Inc. is formed to develop, market, manage and monetize lifestyle brands and products.