TERRA TECH CORP. (OTCMKTS:TRTC) Files An 8-K Material Modification to Rights of Security Holders
Item 3.03 Material Modification to Rights of Security Holders.
Terra Tech Corp. (the “Company”) previously disclosed that in connection with the resignation of Derek Peterson, former member of the Board and Chief Strategy Officer, it agreed to the conversion of his Series A Preferred Stock, and that immediately prior to the conversion of his Series A Preferred Stock, the Company intended to file an amendment to the Series A Preferred Stock certificate of designation (the “COD Amendment”). On January 26, 2021, the Company filed the COD Amendment with the Secretary of State of the State of Nevada.
Each share of Series A Preferred Stock was initially convertible into one share of the Company’s common stock. to the COD Amendment, each share of Series A Preferred Stock is convertible into (i) 4,121,428.5 fully paid and nonassessable shares of common stock and (ii) 1,236,263.75 common stock purchase warrants, each exercisable at $0.01 for the purchase of one share of the Company’s common stock, which warrants expire in June 2026, and are subject to other customary terms and conditions.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The information set forth under Item 3.03 is incorporated by reference into this Item 5.03.
Item 9.01 Financial Statements and Exhibits.
Terra Tech Corp. Exhibit
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About TERRA TECH CORP. (OTCMKTS:TRTC)
Terra Tech Corp. is a cannabis-focused agriculture company. The Company operates through two segments: Hydroponic Produce and Cannabis Products. The Company, through its subsidiary, GrowOp Technology Ltd., is engaged in the design, marketing and sale of hydroponic equipment. It is also a retail seller of locally grown hydroponic produce, herbs, and floral products through its subsidiary, Edible Garden Corp. (Edible Garden). It intends to operate medical marijuana cultivation, production and dispensary facilities in Nevada through its subsidiaries, MediFarm, LLC (MediFarm), MediFarm I, LLC (MediFarm I) and MediFarm II, LLC (MediFarm II). Through its subsidiary, IVXX, Inc. (IVXX), it produces and sells a line of cannabis flowers and cigarettes, among others. The hydroponic produce segment consists of Edible Garden’s business and operations. Its cannabis products segment consists of IVXX’s business, as well as the proposed business operations of MediFarm, MediFarm I and MediFarm II.