Form 8-K - Current report
February 07 2024 - 5:18PM
Edgar (US Regulatory)
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0001329606
0001329606
2024-02-07
2024-02-07
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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): February 7, 2024 (February 2, 2024).
CLEAN
ENERGY TECHNOLOGIES, INC.
(Exact
name of Company as specified in its charter)
Nevada |
|
001-41654 |
|
20-2675800 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
Incorporation) |
|
File
Number) |
|
Identification
Number) |
2990
Redhill Avenue
Costa
Mesa, CA 92626
(Address
of principal executive offices)
Phone:
(949) 273-4990
(Company’s
Telephone Number)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company 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)) |
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. ☐
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 |
|
CETY |
|
Nasdaq |
Item
1.01 Entry into a Material Definitive Agreement.
On
February 2, 2024, Clean Energy Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Agreement”)
with Coventry Enterprises LLC, a Delaware limited liability company (the “Buyer”), pursuant to which the Company agreed to
issue and sell to the Buyer a convertible promissory note of the Company in the principal amount of $92,000 (the “Note”)
for a purchase price of $80,000 plus an original issue discount in the amount of $12,000, and a one-time interest charge of $9,200. The
Company shall make ten (10) payments each in the amount of $10,120 to the Buyer every month, with the first payment due March 2, 2024.
All
or any part of the outstanding and unpaid amount under the Note may be converted at any time following an event of default (the “Event
of Default”) into common stock of the Company, par value $.001 share (“Common Stock”), subject to a beneficial ownership
limitation of 4.99% of the Buyer and its affiliates. Events of Default include failure to pay principal and interest, bankruptcy of the
Company, delisting of the Common Stocks, and other events as set forth in the Note. The per share conversion price into which the outstanding
and unpaid amount of the Note may be converted into shares of Common Stock equals the lower of $1.60, subject to adjustment as provided
in the Note, or the per share price of any issuance of the company’s stock within the 30 days before or after the conversion.
The
Agreement provides customary representations, warranties and covenants of the Company and the Buyer.
The
Company sold the securities referenced in this Item 1.01 in reliance upon an exemption from registration contained in Section 4(a)(2)
of the Securities Act of 1933, as amended, and Rule 506(b) promulgated thereunder.
The
foregoing description of the Agreement and the Note does not purport to be complete and is qualified in its entirety by reference to
the full text of the Agreement and the Note, copies of which are filed as Exhibit 10.1 and 10.2, respectively, to this current report
on Form 8-K.
Item
3.02 Unregistered Sales of Equity Securities.
The
information contained above in Item 1.01 is hereby incorporated by reference into this Item 3.02.
Item
9.01 Financial Statement and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Clean
Energy Technologies, Inc.
|
/s/
Kambiz Mahdi |
|
By: |
Kambiz
Mahdi |
|
|
Chief
Executive Officer |
|
|
|
|
Date: |
February
7, 2024 |
|
Exhibit 10.1
![](https://www.sec.gov/Archives/edgar/data/1329606/000149315224005278/ex10-1_002.jpg)
![](https://www.sec.gov/Archives/edgar/data/1329606/000149315224005278/ex10-1_010.jpg)
Exhibit 10.2
![](https://www.sec.gov/Archives/edgar/data/1329606/000149315224005278/ex10-2_007.jpg)
![](https://www.sec.gov/Archives/edgar/data/1329606/000149315224005278/ex10-2_008.jpg)
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