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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) October 5, 2023
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.) |
8863
E. 34th Street North |
|
|
Wichita,
Kansas |
|
67226 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(620)
(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. ☐
Item
1.01 Entry into a Material Definitive Agreement
As
previously disclosed in a Current Report on Form 8-K filed on December 6, 2022, AgEagle Aerial Systems Inc. (the “Company”)
and Alpha Capital Anstalt (the “Investor”), an institutional investor and existing shareholder of the Company, entered into
a Securities Purchase Agreement pursuant to which the Company issued to the Investor an 8% original issue discount promissory note (the
“Note”) in the aggregate principal amount of $3,500,000. As disclosed in the Company’s Quarterly Report on Form 10-Q
for the quarter ended June 30, 2023, the Company and the Investor entered into a Note Amendment Agreement on August 14, 2023 (the “Note
Amendment Agreement”) increasing the principal amount of the Note to $4,095,000, and modifying the timing of, and cure periods
for, an Event of Default (defined in the Note) under the Note.
The
foregoing description of the Note Amendment Agreement does not purport to be complete and is qualified in its entirety by reference to
the Note Amendment Agreement, filed as Exhibit 10.1 to the Form 10-Q for the quarter ended June 30, 2023 and incorporated by reference
herein.
On
October 5, 2023, the Company and the Investor entered into a Second Note Amendment Agreement (the “Second Amendment”), which
provides for the following:(i) the Deferred Payments (defined in the Note Amendment Agreement) shall be due and payable on December 15,
2023; (ii) the Amortization Payments (defined in the Note) scheduled for September 15, 2023, October 1, 2023, and November 1, 2023 shall
be deferred and made part of the Amortization Payments commencing in January 2024; and (iii) 50% of any net proceeds above $2,000,000
from any equity financing between the date of the Second Amendment and December 15, 2023, shall be used to prepay the Note. The Second
Amendment also partially waives the Event of Default in Section 3 (a)(vii) of the Note as a result of the resignation of a majority of
the officers listed therein.
The
foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the Second
Note Amendment Agreement, 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.
Dated:
October 6, 2023
|
AGEAGLE
AERIAL SYSTEMS INC. |
|
|
|
|
By:
|
/s/
Barrett Mooney |
|
Name:
|
Barrett
Mooney |
|
Title: |
Chief
Executive Officer |
Exhibit
10.1
SECOND
NOTE AMENDMENT AGREEMENT
This
SECOND NOTE AMENDMENT AGREEMENT dated as of October 5, 2023 (this “Agreement”), by and between AgEagle Aerial Systems, Inc.
(“Maker”), and Alpha Capital Anstalt (the “Payee” and together with the Maker each a “Party” and
collectively as the “Parties”). Capitalized words not otherwise defined herein shall have the meanings attributed to them
in the SPA, Note or Note Amendment (as defined below)
W
I T N E SS E T H :
WHEREAS,
the Maker and the Payee entered into a Note Amendment Agreement, dated as of August 14, 2023 (the “Note Amendment”), which
provided that (i) Deferred Payments would be due and payable on September 15, 2023, (ii) the principal amount of the Note was increased
by $595,000 so that the current principal amount of the Note is $4,095,000, and (iii) the first paragraph of Section 3(a) governing the
timing of, and cure periods for, an Event of Default, had been modified;
WHEREAS,
due to ongoing discussions and negotiations between Maker and Payee, Payee has agreed, among other things, to further modify the timeline
for repayment of the Note;
NOW,
THEREFORE, in consideration of the agreements of the Parties set forth herein, and other good and valuable consideration the receipt
and legal adequacy of which are hereby acknowledged by the Maker and the Payee, it is hereby agreed as follows:
1. The
Deferred Payments shall be due and payable on December 15, 2023, and if paid on such date, shall not be deemed untimely and shall not
give rise to an Event of Default under the Note.
2. The
Amortization Payments scheduled for September 15, 2023, October 1, 2023 and November 1, 2023 shall be deferred and shall be made part
of the Amortization Payments commencing in January 2024.
3. Section
1(c) is partially waived such that the Maker shall not be required to use 50% of the new proceeds of any Equity Financing to prepay the
Note. Between the date hereof and December 15, 2023, the Maker may keep the first $2,000,000 in net proceeds from any Equity Financing,
provided, however, that 50% of any net proceeds above $2,000,000 shall be utilized to prepay the Note, within two business days of the
Maker’s receipt of such funds. Payee shall not waive any anti-dilution protections in accordance with the provisions of Payee’s
other securities held in Maker in connection with an Equity Financing
5. Payee
has agreed that the resignation of Ms. Nicole Fernandez-McGovern and the termination of Mr. Michael O’Sullivan shall not constitute
an Event of Default under the Note; and agrees to amend Section 3(a)(vii) to remove the reference to reference to Ms. Nicole Fernandez-McGovern
and Mr. Michael O’Sullivan. For avoidance of doubt, under Section 3(a)(vii), as amended, the resignation by, or termination of
Mr Barrett Mooney shall constitute an Event of Default.
6. Except
as disclosed in the Maker’s periodic filings with the Securities and Exchange Commission (the “SEC Reports”), the Maker
confirms that the representations and warranties it made in Section 3.1 of the SPA are true and accurate as of the date hereof.
7. The
Maker hereby represents and warrants to Payee that (i) the Maker has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by this Agreement, and (ii) the execution, delivery and performance by the Maker of this Agreement
does not and will not (x) conflict with or violate any provision of the Maker’s certificate or articles of incorporation, bylaws
or other organizational or charter documents, (y) conflict with, or constitute a default (or an event that with notice or lapse of time
or both would become a default) under, result in the creation of any lien upon any of the properties or assets of the Maker, or give
to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Maker debt or otherwise) or other understanding
to which the Maker is a party or by which any property or asset of the Maker is bound or affected, other than securities issued to Payee
by Maker, or (z) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Maker is subject (including federal and state securities laws and regulations), or
by which any property or asset of the Maker is bound or affected; except in the case of each of clauses (y) and (z), such as could not
have or reasonably be expected to result in a Material Adverse Effect.
8. The
Maker shall not, and the Maker shall cause each of its officers, directors, employees and agents not to provide Payee with any material,
non-public information regarding the Maker or any of its subsidiaries from and after the date hereof without the express prior written
consent of Payee (which may be granted or withheld in Payee’s sole discretion). In the event of a breach of the foregoing covenants,
in addition to any other remedy provided herein, Payee shall have the right to make a public disclosure, in the form of a press release,
public advertisement or otherwise, of such breach or such material, non-public information, as applicable, without the prior approval
by the Maker, or any of its officers, directors, employees or agents. Payee shall have no liability to the Maker, any of its subsidiaries,
or any of its or their respective officers, directors, employees, affiliates, stockholders or agents, for any such disclosure. To the
extent that the Maker delivers any material, non-public information to Payee without Payee’s consent, the Maker hereby covenants
and agrees that Payee shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material,
non-public information, to the extent not inconsistent with federal securities laws.
9. Except
for securities issued to Payee by Maker, there are no outstanding securities or instruments of the Maker with any provision that adjusts
the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Maker. Except
for the securities issued to Payee by Maker, the execution, delivery and performance by the Maker of this Agreement does not and will
not give to others any rights of termination, participation, first refusal, amendment, acceleration, exercise or cancellation (with or
without notice, lapse of time or both) of, any agreement, credit facility, debt, equity or other instrument (evidencing Maker equity,
debt or otherwise) or other understanding to which the Maker is a party or by which any property or asset of the Maker is bound or affected.
10. Within
one (1) Business Day after execution of this Agreement, the Maker shall file a form 8-K with the Securities and Exchange Commission,
disclosing this Agreement, which shall be an exhibit to such filing. The Form 8-K shall be provided to Payee for review and comment prior
to filing.
11. Except
as expressly amended hereby, each of the SPA, Note and the Note Amendment, including but not limited to the early prepayment terms of
Section 1(c) of the Note, shall remain in full force and effect in accordance with their respective terms and provisions. All references
in the SPA, the Note and the Note Amendment, as the case may be, to terms such as “the Note” “this Note”, “hereby”,
“herein” and shall include this Agreement. The Payee is not waiving any of its rights under the Note, the SPA and the Note
Amendment, except as expressly provided above.
12. This
Agreement shall be deemed a portion of the Note and shall be governed by the terms thereof.
13. This
Amendment shall be deemed to have been drafted jointly by the Parties and therefore any rule of law that stands for the proposition that
ambiguities contained within an agreement are to be construed against the drafter thereof is inapplicable.
[REST
OF THIS PAGE LEFT INTENTIONALLY BLANK]
IN
WITNESS WHEREOF, each of the undersigned Parties has duly executed this Agreement as of the date first written above.
MAKER |
|
PAYEE |
|
|
|
AgEagle
Aerial Systems Inc. |
|
Alpha
Capital Anstalt |
|
|
|
|
|
|
/s/
Barrett Mooney |
|
|
/s/
Nicola Feuerstein |
By: |
Barrett
Mooney |
|
By: |
Nicola
Feuerstein |
Its: |
Chief Executive Officer |
|
Its: |
Director |
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AgEagle Aerial Systems (AMEX:UAVS)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
AgEagle Aerial Systems (AMEX:UAVS)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024