POWIN ENERGY CORPORATION (OTCMKTS:PWON) 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
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Creation of a Direct Financial Obligation
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Note Financing and Participation Rights Agreement (Agreement)
with a private investor to which the Company issued its
promissory note (Note) in the principal amount of $2 million. The
Note carries simple interest at 6% per year. The Note is payable
on demand 24 months after the date of issuance. The Note is
secured by the assets of PPA Grand Johanna LLC which owns and
operated the 2 megawatt battery storage project in Irvine,
California. In addition, the Companys CEO Joseph Lu has provided
a personal guarantee of $1 million of the Notes principal amount.
equity securities within 24 months of the issuance of the Note
which results in aggregate proceeds to the Company of not less
than $20,000,000 based on Company valuation of at least
$100,000,000, the Note holder will have the right to participate
in such qualified financing and convert the first $1million of
the Note balance into the offered securities at 90% of the price
per share paid under the qualified financing. In addition, the
Note holder will have the right to convert the remaining balance
of the Note into equity securities offered by the Company in the
qualified financing at the same price per share paid by the other
participants in the qualified financing.
in its entirety by reference to the complete Agreement which
attached as an exhibit to this Report.
| Section 9- |
Financial Statements and Exhibits
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| Item 9.01 |
Exhibits
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Exhibit No.
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Description
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10.1
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Secured Promissory Note Financing and Participation
Rights in Powin Energy dated March 16, 2017. |
About POWIN ENERGY CORPORATION (OTCMKTS:PWON)
Powin Energy Corp, formerly Powin Corporation, is a contract manufacturer. It provides manufacturing coordination, design and logistics services for companies to outsource its manufacturing needs. Its segments include Contract manufacturing, Manufacturing, Energy and Powin Mexico. The contract manufacturing segment provides for the coordination and distribution of products manufactured in China, assists in the design and handles the logistics and coordination of product manufacturing. The manufacturing segment manufactures various truck parts and components primarily for freightliner trucks, a division of Daimler Trucks North America. The energy segment operates through Powin Energy Corporation, which utilizes patent-pending energy storage technology for scalable grid-level and commercial energy storage systems, Electric Vehicle (EV) charging stations and transportation applications. The Powin Mexico segment is engaged in manufacturing gun safes and heavy truck parts. POWIN ENERGY CORPORATION (OTCMKTS:PWON) Recent Trading Information
POWIN ENERGY CORPORATION (OTCMKTS:PWON) closed its last trading session 00.00 at 1.33 with 713 shares trading hands.
