Point Capital, Inc. (OTCMKTS:PTCI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On September 29, 2018, Point Capital, Inc. (the “Company”) entered into that certain Asset Purchase Agreement as described under Item 2.01, below. As a result, the Company has elected to no longer be deemed a “Business Development Company” as defined by the Investment Company Act of 1940, as amended from time to time (the “Act”). The withdrawal was generally approved by the shareholders of the Company on April 11, 2017, as evidenced on the Definitive Information Statement to Section 14(c) of the Securities Exchange Act of 1934 filed on June 5, 2017. The Board, under authority granted by the shareholders, approved the withdrawal on September 27, 2018. In coordination with this Form 8-K Current Report filing, the Company is filing Form N-54C, officially withdrawing its election to be subject to sections 55 through 65 of the Act.
Section 2 – Financial Information
Item 2.01 Completion of Acquisition or Disposition of Assets.
On September 28, 2018, Point Capital, Inc. (the “Company”) entered into an Asset Purchase with Blind Faith Concepts, Inc. whereby the Company acquired Three trademarks related to the NFID brand, the web domain www.nfid.com, and assumption of Brand Ambassador Agreement in exchange for 2,000,000 shares of common capital stock of the Company. NFID is a unisex footwear brand that we now be sold under the banner. Management will need to continue R&D and product development to fully launch the product, but in no way is the Company ceasing operations.
Section 3 – Securities and Trading Markets.
Item 3.02 Unregistered Sales of Equity Securities.
to the Asset Purchase Agreement described above under Item 2.01, the Company issued 2,000,000 shares of common capital stock. The shares are restricted and were issued to Section 4(a)(2) of the Securities Act of 1933.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
Point Capital, Inc. ExhibitEX-10.1 2 f8k092818ex10-1_pointcapital.htm ASSET PURCHASE AGREEMENT,…To view the full exhibit click here
About Point Capital, Inc. (OTCMKTS:PTCI)
Point Capital, Inc. is a closed-end, non-diversified investment company that is regulated as a business development company. The Company’s investment objective is to provide current income and capital appreciation. The Company intends to accomplish its objective by investing in the common stock, preferred stock, warrants and convertible notes of small and mid-cap companies. The Company’s investments are made principally through direct investments in prospective portfolio companies. The Company may also purchase securities in private secondary transactions. The Company will also consider investing in private companies that meet its investment objectives. It makes loans to small the United States companies. In addition to lending directly to companies, it buys secondary loans and portfolios. It also offers loans for private equity sponsors. It offers loans for recapitalization, acquisitions, real estate or dividend funding. It also makes bridge loans.