SITO MOBILE, LTD. (NASDAQ:SITO) Files An 8-K Regulation FD DisclosureItem 7.01
On August 1, 2017, directors constituting a majority of the board of directors of SITO Mobile, Ltd. (the “Company”) delivered a letter (the “August 1 Letter”) to two of the Company’s directors, Mr. Thomas Thekkethala and Mr. Matthew Stecker, in response to a letter they received from Mr. Thekkethala and Mr. Stecker on July 28, 2017. A copy of the August 1 Letter is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form8-K, the information in this Item 7.01 is being furnished for informational purposes only and shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended.
On August 1, 2017, the Company used approximately $4.9 million of the proceeds of its previously announced offering of common stock and warrants to prepay in full all outstanding principal, accrued and unpaid interest due through the date of repayment and termination fees payable with respect to the Company’s senior secured note issued to that certain Revenue Sharing and Note Purchase Agreement, dated October 3, 2014 by and among the Company and certain lenders and other parties thereto (the “NPA”). The Company will remain obligated to continue to make payments with respect to the Revenue Stream (as defined in the NPA) according to the terms of the NPA.
| Item 7.01 | Financial Statements and Exhibits. |
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ExhibitNo. |
Description |
| 99.1 | Letter dated August 1, 2017. |
SITO MOBILE, LTD. ExhibitEX-99.1 2 v472105_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 August 1,…To view the full exhibit click here
About SITO MOBILE, LTD. (NASDAQ:SITO)
SITO Mobile, Ltd. operates a mobile location-based advertising platform serving businesses, advertisers and brands. The Company’s offerings include SITO Location-Based Advertising and SITO Mobile Messaging. SITO Location-Based Advertising delivers display advertisements and videos on behalf of advertisers, including various features, such as Geo-fencing, Verified walk-in, Behavioral Targeting, and Analytics and Optimization. Geo-fencing targets customers within a certain radius of location and uses technology to push coupons, advertisements and promotions to mobile applications. Verified Walk-in tracks foot-traffic to locations and which advertisements drive action. Behavioral Targeting tracks past behaviors over 30 to 90 day increments allowing for real-time campaign management. Analytics and Optimization is a culling and building measurement system. SITO Mobile Messaging is a platform for building and controlling programs, including messaging and customer incentive programs.