Form 8-K - Current report
January 30 2024 - 5:00PM
Edgar (US Regulatory)
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2024-01-24
2024-01-24
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported) January 24 , 2024
AGEAGLE
AERIAL SYSTEMS INC.
(Exact
Name of Registrant as Specified in Its Charter)
Nevada |
|
001-36492 |
|
88-0422242 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
8201
E. 34th Cir N
Wichita, Kansas |
|
67226 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(620)
325-6363
(Registrant’s
Telephone Number, Including Area Code)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
UAVS |
|
NYSE
American |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item1.01. |
Entry
into a Material Definitive Agreement. |
On
January 24, 2024, AgEagle Aerial Systems Inc. (the “Company”) entered into an Agreement for the Purchase and Sale of Future
Receipts, as amended (the “Future Receipts Agreement”) with a commercial lender (the “Buyer”) pursuant
to which the Buyer purchased $1,512,000 (“Purchased Amount”) in future receipts of the Company at the discount price of $1,050,000.
The Future Receipts Agreement was effective as of January 23, 2024. The Purchased Amount is remitted in weekly installments in the amount
of $54,000 until the Purchased Amount has been satisfied. The Company is not paying an interest rate and there is no specified duration
whereby the payment schedule expires. The Company may prepay the Purchased Amount within 30 calendar days by tendering the amount of
$1,312,500. The Buyer is not a related party or affiliate of the Company.
In
the event the Company is unable to make timely weekly payments due to a business slow down, or if the full Purchased Amount is never
remitted due to bankruptcy or other cessation of operations in the ordinary course of business, and the Company has not breached the
Future Receipts Agreement, it would not be an event of default. The Company would not owe anything to Buyer and would not be in breach
of or default under this Future Receipts Agreement.
The
foregoing description of the Future Receipts Agreement does not purport to be complete and is qualified in its entirety by reference
to the Future Receipts Agreement, which will be filed as Exhibit 10.1 to this Current Report and incorporated by reference herein.
Item
9.01 |
Financial
Statements and Exhibits. |
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
AGEAGLE
AERIAL SYSTEMS INC. |
|
|
|
By:
|
/s/
Mark DiSiena |
|
Name:
|
Mark
DiSiena |
|
Title: |
Chief
Financial Officer |
Dated:
January 30, 2024 |
|
|
Exhibit 10.1
v3.24.0.1
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