Square, Inc. (NYSE:SQ) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
On February 24, 2017, Square, Inc. (the Company) entered into a
Warrant Cancellation and Payment Agreement (the Termination
Agreement) relating to that certain warrant to purchase up to
9,456,955 shares of the Companys ClassA common stock issued to
Starbucks Corporation (Starbucks), dated as of August7, 2012, as
amended on September30, 2013 (the Warrant). to the Termination
Agreement, the Warrant will be terminated and cancelled and no
longer exercisable by Starbucks effective upon the payment by the
Company to Starbucks of approximately $54.8 million, which
payment is to be made within two business days of the execution
of the Termination Agreement.
The Termination Agreement contains customary representations and
warranties of the Company and Starbucks, respectively.
The foregoing description of the Termination Agreement is
qualified in its entirety by reference to the full text of the
Termination Agreement, a copy of which is attached as Exhibit
10.1 to this Current Report on Form 8-K and is incorporated
herein by reference.
| Item3.03 |
Material Modification to Rights of Security Holders. |
The information set forth under Item1.01 is incorporated herein
by reference.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
|
Exhibit No. |
Description |
|
| 10.1 |
Warrant Cancellation and Payment Agreement, dated as of February24, 2017, by and between Square, Inc. and Starbucks Corporation. |
About Square, Inc. (NYSE:SQ)
Square, Inc. enables payment processing, and also offers financial and marketing services. The Company provides sellers various tools to start, run, manage and grow their businesses. It serves sellers of all sizes, ranging from a single vendor at a farmers’ market to multinational businesses. It serves as a payment service provider, acting as the touch point for the seller to the rest of the payment chain. Square Register is a point of sale (POS) software application for iPhone operating software (iOS) and Android, and is available to sellers across the world. Square Reader for magnetic stripe cards plugs into the standard headset jack of a mobile device, enabling swiped transactions. Square Customer Engagement helps sellers analyze and understand their businesses, engage their buyers in ongoing conversations, and promote their offerings through e-mail marketing. Caviar offers a food delivery service to help restaurants reach new customers. Square, Inc. (NYSE:SQ) Recent Trading Information
Square, Inc. (NYSE:SQ) closed its last trading session up +0.28 at 17.43 with 15,892,263 shares trading hands.
