SHARING SERVICES,INC. (OTCMKTS:SHRV) Files An 8-K Entry into a Material Definitive AgreementItem 9.01.
Entry into a Material Definitive Agreement
On July 2, 2018, Sharing Services, Inc. (the “Company”) entered into a financing transaction whereby the Company borrowed the sum of One Hundred Twenty-Eight Thousand dollars ($128,000.00) from an accredited investor, Power Up Lending Group Ltd. (the “Lender”).The transaction involved the issuance by the Company in favor of the Lender of a Convertible Promissory Note (the “Note”) in the principal amount of $128,000.00. 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 2, 2019. 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 dated July 2, 2018 is a summary only and is qualified in its entirety by the full text of the Note, which is filed as Exhibit 1.1 hereto, and incorporated herein by reference.
Item 9.01. Unregistered Sales of Equity Securities
In connection with the closing of the transaction, described in Item 9.01 above, the Company issued a Convertible Promissory Note in the amount of One Hundred Twenty-Eight dollars ($128,000.00) (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
Convertible Promissory Note dated July 2, 2018 issued by Sharing Services, Inc., in favor of Power Up Lending Group Ltd., in the principal amount of One Hundred Twenty-Eight Thousand dollars ($128,000.00). *
Securities Purchase Agreement dated as of July 2, 2018 by and between Sharing Services, Inc. and Power Up Lending Group Ltd. *
Sharing Services, Inc. Exhibit…To view the full exhibit click
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.