Form 8-K - Current report
January 29 2024 - 6:04AM
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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 29, 2024
Aclarion,
Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-41358 |
47-3324725 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
8181 Arista Place, Suite 100 |
|
Broomfield, Colorado |
80021 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (833) 275-2266
Not
Applicable
(Former name or former address, if changed since last report)
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:
| ☐ | 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)) |
Securities registered pursuant to Section 12(b) of the Act:
|
Trading |
|
Title of each class |
Symbol(s) |
Name of each exchange on which registered |
Common Stock |
ACON |
Nasdaq Stock Market |
Common
Stock Warrants |
ACONW |
Nasdaq Stock Market |
Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
Background
As
previously disclosed, on May 16, 2023, Aclarion, Inc. (the “Company”, “we” and “us”) entered into
a securities purchase agreement with accredited investors for an unsecured non-convertible note financing. At that time, the Company received
$1,250,000 of gross proceeds in connection with the first tranche closing of this financing.
As
previously disclosed, on September 1, 2023, the Company closed the second tranche of this financing. The Company received an additional
$750,000 of gross proceeds in connection with the second tranche closing of this financing.
As
previously disclosed, on November 1, 2023, the Company closed a third tranche of this financing. The Company received an additional $250,000
of gross proceeds in connection with the third tranche closing of this financing.
As
previously disclosed on January 22, 2024, the Company entered into an exchange agreement with the accredited investors to exchange principal
and accrued interest on the notes for shares of common stock.
Item 1.01 Entry into a Material Definitive
Agreement.
Additional
Exchange Agreements
From
January 23 to January 26, 2024, the Company entered into additional exchange agreements with the accredited investors.
The
Company has issued (pursuant to all of the exchange agreements) an aggregate 500,000 shares of common stock to exchange an aggregate of
approximately $1,185,226 of principal and accrued interest on the notes.
As
a result of the exchange agreement transactions, the Company’s outstanding shares of common has increased to 1,791,375 shares as of
January 26, 2024.
The
Company and the accredited investors may elect in the future to effect additional exchanges of the notes for common stock. Any such future
exchanges would be negotiated and agreed to among the parties. The parties expect that any such future exchanges, if any, would be on
substantially similar terms as are described in the form of Exchange Agreement filed as exhibit 10.1 to our Current Report on Form 8-K
on January 23, 2024.
Notwithstanding
that the Company desires to consummate one or more additional exchanges in the future, at this time the Company has no such additional
oral or written agreements to consummate any such exchanges, and, as such, we cannot guarantee that any such exchanges will occur in the
future. The occurrence of any such exchange is contingent on reaching mutual agreement with the institutional investor on the terms and
conditions and the execution and delivery of one or more additional definitive agreements with respect thereto.
The
foregoing description of the exchange agreements is a summary only, does not purport to be complete and is qualified in its entirety by
the full text of the form of Exchange Agreement, a copy of was filed as Exhibit 10.1 to our Current Report on Form 8-K on January 23,
2024 and incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities.
The information set forth
in Item 1.01 of this Current Report on Form 8-K regarding the exchange common shares is incorporated by reference into Item 3.02 of this
Current Report on Form 8-K.
The issuance of the exchange common shares is intended to be exempt from registration pursuant to the exemptions
under Section 3(a)(9) and Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation
D promulgated thereunder.
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.
|
ACLARION, INC. |
|
|
|
January 29, 2024 |
By: |
/s/ John Lorbiecki |
|
Name: |
John Lorbiecki |
|
Title: |
Chief Financial Officer |
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