SHARING SERVICES, INC. (OTCMKTS:SHRV) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On October 10, 2017, Sharing Services, Inc. (the “Company”) closed a financing transaction whereby the Company borrowed the sum of One Hundred Thousand dollars ($100,000.00) from an accredited investor, Power Up Lending Group Ltd. (the “Lender”). The transaction involved (i) the issuance by the Company in favor of the Lender of a Convertible Promissory Note (the “Note”) in the principal amount of $100,000.00 and (ii) the entering into of a Securities Purchase Agreement by the Company and the Lender (the “SPA”). The Note accrues interest at the rate of Twelve percent (12%) per annum with the principal amount and all accrued interest being due and payable on July 15, 2018. At the option of the Lender, the Note is convertible into shares of the Company’s common stock at any time following 180 days from its issuance. The foregoing description of the Note and the accompanying SPA, both dated October 10, 2017, is a summary only and is qualified in its entirety by the full text of the Note and SPA, which are filed as Exhibits 1.1 and 1.2 hereto, respectively, and incorporated herein by reference.
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES.
In connection with the closing of the transaction, described in Item 1.01 above, the Company issued a Convertible Promissory Note in the amount of One Hundred Thousand dollars ($100,000.00) (the “securities”). The Lender has represented that it was acquiring the securities for investment and not with a view toward resale or public distribution of such securities, and acknowledged that the securities had not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and that they constituted “restricted securities” as that term is defined in Rule 144 promulgated under the Securities Act. The Note bears a restrictive legend. The issuance of securities to the Lender was conducted in reliance on Section 4(a)(2) of the Securities Act.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number
Description
Location
1.1
Convertible Promissory Note dated October 10, 2017
Provided herewith
issued by Sharing Services, Inc., in favor of Power Up
Lending Group Ltd., in the principal amount of One
Hundred Thousand dollars ($100,000.00).
1.2
Securities Purchase Agreement dated October 10, 2017 by
Provided herewith
and between Sharing Services, Inc. and Power Up Lending
Group Ltd.
Sharing Services, Inc. ExhibitEX-1.1 2 ex1_1apg….To view the full exhibit click here
About SHARING SERVICES, INC. (OTCMKTS:SHRV)
Sharing Services Inc, located in Khon Kaen, Thailand, is focused to market and sell the company’s taxi sharing service via a developed website. The company was incorporated on April 24, 2015.