SMARTHEAT INC. (OTCMKTS:HEAT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On June 14, 2018, SmartHeat Inc., a Nevada corporation (the “Company”), entered into the Sixth Amendment (the “Sixth Amendment”) to the Credit and Security Agreement dated July 27, 2012, as amended (the “Credit Agreement”), between the Company and Northtech Holdings Inc., a British Virgin Islands business corporation (“Northtech”).
On December 20, 2018, the Company and Northtech amended (the “Amendment) the Sixth Amendment by removing and waiving the requirement to receive the approval of a majority of shareholders of the Company at the next meeting of the stockholders. Northtech and Mr. Zhang, the beneficial owner of our common stock held by Northtech, hold over 56% of our issued and outstanding common stock. In addition, the Company is in continuing negotiations with a potential acquisition candidate and our Board of Directors believes that it is in the best interests of the Company to issue the stock without incurring the time, expense and delay with approving the matter at the next annual stockholder meeting. As a result of the Amendment, the Company will issue Northtech 71,283,000 restricted shares of its common stock, subject to a maximum limit of 75,000,000 currently authorized for issuance.
The foregoing description of the Amendment to the Sixth Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 10.22 hereto and is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
SMARTHEAT INC. Exhibit
EX-10.22 2 ex_132000.htm EXHIBIT 10.22 ex_132000.htm EXHIBIT 10.22 AMENDMENT to AMENDMENT No. 6 TO THE CREDIT AND SECURITY AGREEMENT This Amendment,…
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About SMARTHEAT INC. (OTCMKTS:HEAT)
SmartHeat Inc. is a holding company. The Company, through its subsidiaries, designs, manufactures and sells heat pumps in the People’s Republic of China. The Company operates through the Heat Pump (HP) segment. Its HP segment subsidiaries produce heat pumps in sizes that have applications primarily in industrial. Its HP subsidiaries design and build specific to customer specifications and particular operating conditions. The Company’s products provide a solution to energy consumption and air pollution problems in China. The Company’s components generally include pumps, valves, pipes and electronic meters purchased from various international and domestic suppliers. The Company’s products are used in the industrial, residential and commercial markets. Its customer base consists of state-owned enterprises diversified across a range of end markets in China. The Company’s subsidiaries include Heat HP Inc. and Heat PHE Inc. Its subsidiaries produce heat pumps in Shenyang China.