SAVE FOODS, INC. (OTCMKTS:SAFO) 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
Item 3.02 Unregistered Sales of Securities Convertible or Exercisable into Equity Securities
As of March 23, 2020, Save Foods, Inc. (the “Company”) entered into a series of convertible loan agreements (each a “CLA”) with certain lenders (the “Lenders”) to sell (i) convertible promissory notes with an aggregate principal amount of US$529,000 (the “Notes”), and (ii) warrants to purchase, in the aggregate, 440,834 shares of the Company’s common stock, par value US$0.0001 (the “Common Stock”) at an exercise price of US$1.20 per share. The outstanding loan amount will mature on the earlier of (i) the third anniversary of each CLA or (ii) a deemed liquidation event (as defined therein), and the Lenders may convert all or any portion of the Notes at any time prior to the one-year anniversary of each issuance into shares of Common Stock at a conversion price of US$1.20 per share. The Notes will bear interest at a rate of 5% per annum. The loan amount represented by the Notes will be repaid to the Lenders according to the following schedule: (i) the principal amount represented by the Notes will be repaid in twenty-four (24) equal monthly installments commencing on the twenty-fifth (25) month following the closing of each CLA, and (ii) the interest accrued on the loan amount will be paid in two (2) bi-annual installments, commencing on the first anniversary of the first payment of that principal amount.
Each of such issuance was exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, in reliance on Section 4(a)(2) of the Securities Act and/or Regulation S under the Securities Act.
Item 9.01 Exhibits.
(d) Exhibits.
| 10.1 | Form of Convertible Loan Agreement by and among Save Foods, Inc. and certain lenders listed therein |
| 10.2 | Form of Convertible Promissory Note by and among Save Foods, Inc. and those certain lenders that are a party to the Convertible Loan Agreement |
| 10.3 | Form of Warrant by and between Save Foods, Inc. and those certain lenders that are a party to the Convertible Loan Agreement |
Save Foods Inc. Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 THE SECURITIES DESCRIBED HEREIN,…
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About SAVE FOODS, INC. (OTCMKTS:SAFO)
Save Foods Inc, formerly Pimi Agro Cleantech Inc, is an Israel-based company primarily engaged in the agricultural chemicals manufacture. The Company focuses on the development of ecologically-friendly solutions for pre- and post-harvest treatment of fruits and vegetables. The Company’s technology platform is based on a formulation of stabilized hydrogen peroxide (STHP). Its solutions range includes: Storage, offering SpuDefender that protects crops from diseases and deterioration during the storage period; Seeds, providing SeedGuard, which defends seeds against pathogens between storage and planting time, and Shelf Life, supplying CropDefender, which controls crops immune system in supermarkets and customer’s homes.
