Form 8-K - Current report
08 Juillet 2024 - 11:25PM
Edgar (US Regulatory)
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0001561880
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2024-01-04
2024-01-04
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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 4, 2024
LEGACY
EDUCATION ALLIANCE, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
000-55790 |
|
39-2079974 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification
No.) |
120
N. Main St.
New
City, NY |
|
10956 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (845) 925-4597
N/A
(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 (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)) |
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 |
N/A |
|
N/A |
|
N/A |
Item
1.01. Entry into a Material Definitive Agreement.
The
disclosures set forth under Item 2.03 are incorporated by reference into this Item 1.01.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On
January 4, 2024, Legacy Education Alliance, Inc. (the
“Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”)
with an accredited investor (the “Investor”), pursuant to which the Company issued to the Investor a Convertible Promissory
Note having a principal amount of $250,000 (the “Note”) and a Common Stock Purchase Warrant (the “SPA Warrant”)
to purchase up to a certain amount of shares of the Company’s common stock (subject to certain conditions set forth in the Purchase
Agreement). Pursuant to the Purchase Agreement, the Company granted the Investor the right to have the Company register the resale of
the Common Stock underlying the Note and SPA Warrant with the Securities and Exchange Commission.
The
Company intends to use the net proceeds from the transaction for general corporate purposes and working capital.
The
maturity date of the Note is twelve (12) months from the issue date, with the option to extend for up to six (6) months in the sole discretion
of the Company upon prior written notice to the Investor and is the date upon which the principal and interest shall be due and payable.
The Note bears interest at a fixed rate of 8% per annum. Any overdue accrued and unpaid interest shall entail a late fee at an interest
rate equal to the lesser of 12% per annum or the maximum rate permitted by applicable law, which shall accrue daily from the date such
interest is due through and including the date of actual payment in full.
The
then outstanding and unpaid principal and interest under the Note shall be converted into shares of Company common stock on the Mandatory
Conversion Date (as defined in the Note). Pursuant to the terms of the Note, the conversion price
is equal to the lesser of: (i) $0.20 per share; or (ii) a 20% discount to the VWAP for the ten (10) trading day period ending on the
last complete trading day prior to the Mandatory Conversion Date. The Note is subject to a beneficial ownership limitation of
4.99%.
Upon
the occurrence of an Event of Default (as defined in the Note), the Note will become immediately due and payable and the Company shall
pay the Investor in full satisfaction of the principal, Default Amount (as defined in the Note), and all related costs associated with
collection.
The
SPA Warrant entitles the Investor to purchase up to such number of shares of the Company’s common stock, and at an exercise price
determined at the time of the Uplist Offering (as defined in the Purchase Agreement), subject to the limitations and conditions set forth
in the Purchase Agreement and SPA Warrant, respectively.
The
foregoing descriptions of the Purchase Agreement, Note, and SPA Warrant, do not purport to be complete and are qualified in their entirety
by reference to the full text of the Purchase Agreement, Note, and SPA Warrant, forms of which are attached as Exhibits 10.1, 10.2, and
10.3, respectively, to this Current Report on Form 8-K, each of which are incorporated herein by reference.
Item
3.02. Unregistered Sale of Equity Securities.
Reference
is made to the disclosures set forth under Item 2.03 above, which are incorporated herein by reference.
The
issuances of the Note and SPA Warrant were, and, upon conversion of the Note and exercise of the SPA Warrant into shares of common stock,
will be, exempt from registration under Section 4(a)(2) and/or Rule 506(b) of Regulation D as promulgated by the Securities and Exchange
Commission under of the Securities Act of 1933, as amended (the “Act”), as transactions by an issuer not involving any public
offering. At the time of their issuance, the Note and SPA Warrant were deemed to be restricted securities for purposes of the Act and
will bear restrictive legends to that effect.
Item
9.01. Financial Statements and 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.
|
LEGACY
EDUCATION ALLIANCE, INC. |
|
|
|
Date:
July 8, 2024 |
By: |
/s/
Barry Kostiner |
|
Name:
|
Barry
Kostiner |
|
Title:
|
Chief
Executive Officer |
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Legacy Education Alliance (CE) (USOTC:LEAI)
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