Form 8-K - Current report
03 Enero 2024 - 4:29PM
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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) December 27, 2023
AERWINS
Technologies Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40734 |
|
86-2049355 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
The
Walnut Building
691
Mill St
Los
Angeles, CA |
|
90021 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code +813-6409-6761
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 (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)) |
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, $0.000001 par value per share |
|
AWIN |
|
The
Nasdaq Stock Market LLC |
Redeemable
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
AWINW |
|
The
Nasdaq Stock Market LLC |
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.
Item
1.03 |
Bankruptcy
or Receivership. |
On
December 27, 2023, AERWINS Technologies, Inc. (the “Company”) discontinued the operations of A.L.I. Technologies Inc., a Japanese
corporation (“A.L.I.”) which is a wholly owned indirect subsidiary of the Company as part of the Company’s move of
its operations to Los Angeles, California and continued development of a line of FAA compliant manned and unmanned crafts for low-altitude.
Following the discontinuation, on December 27, 2023, A.L.I. filed a voluntary bankruptcy petition with the Tokyo District Court, Civil
Division 20, “Tokutei Kanzai Kakari” [Special Trusteeship Section], Case ID: No. 8234 of 2023 (Fu). A conference regarding
the filing is scheduled for January 5, 2024 with further proceedings regarding appointment of a bankruptcy trustee to follow.
Item
2.04 |
Triggering
Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement |
The
proceedings in Japan described in Item 1.03 above constitute an event of default pursuant to the secured convertible notes in the aggregate
principal amount of $4,200,000 (collectively, the “Notes”) issued by the Company to Lind Global Fund II LP (“Lind Global”)
on April 12, 2023 and May 23, 2023 and as amended on August 25, 2023. As a result of the event of default, Lind Global may at any time,
at its option, (1) demand payment of an amount equal to 120% of the outstanding principal amount of the Notes and (2) exercise all other
rights and remedies available to it under the Notes and other agreements entered into among the Company and Lind in connection with the
issuance of the Notes (collectively, the “Transaction Documents”); provided, however, that (x) upon the occurrence of the
event of default described above, Lind Global, in its sole and absolute discretion (without the obligation to provide notice of such
event of default), may: (a) from time-to-time demand that all or a portion of the outstanding principal amount of the Notes be converted
into shares of the Company’s common stock at the lower of (i) the then-current Conversion Price (that price being $0.18176 per
share (the “Floor Price”)) and (ii) eighty-percent (80%) of the average of the three (3) lowest daily volume weighted average
prices (“VWAPs”) during the 20 trading days prior to the delivery by Lind Global of the applicable notice of conversion or
(b) exercise or otherwise enforce any one or more of Lind Global’s rights, powers, privileges, remedies and interests under the
Notes, the Transaction Documents or applicable law.
The
Notes also provide that at the option of Lind Global, if in connection with a conversion under the Notes, the Conversion Price is deemed
to be the Floor Price, then in addition to issuing the Conversion Shares (as defined in the Notes) at the Floor Price, the Company will
also pay to Lind Global a cash amount equal to (i) the number of shares of common stock that would be issued to Lind Global upon a conversion
determined by dividing the dollar amount to be converted being paid in shares of common stock by ninety percent (90%) of the lowest single
VWAP during the twenty (20) trading days prior to the applicable date of conversion (notwithstanding the Floor Price) less (ii) the number
of shares of the Company’s common stock issued to Lind Global in connection with the conversion; and (iii) multiplying the result
thereof by the VWAP on the date of conversion.
The
information set forth or incorporated in Item 1.03 is also incorporated by reference in this Item 2.04.
Item
9.01 |
Financial Statements and Exhibits |
(d)
Exhibits
Exhibit |
|
|
Number |
|
Description |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document). |
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 thereunto duly authorized.
Date:
January 3, 2024 |
AERWINS
Technologies Inc. |
|
|
|
|
By: |
/s/
Kiran Sidhu |
|
|
Kiran
Sidhu |
|
|
Chief
Executive Officer |
v3.23.4
Cover
|
Dec. 27, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Dec. 27, 2023
|
Entity File Number |
001-40734
|
Entity Registrant Name |
AERWINS
Technologies Inc.
|
Entity Central Index Key |
0001855631
|
Entity Tax Identification Number |
86-2049355
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
The
Walnut Building
|
Entity Address, Address Line Two |
691
Mill St
|
Entity Address, City or Town |
Los
Angeles
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
90021
|
City Area Code |
+813
|
Local Phone Number |
6409-6761
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common Stock, $0.000001 par value per share |
|
Title of 12(b) Security |
Common
Stock, $0.000001 par value per share
|
Trading Symbol |
AWIN
|
Security Exchange Name |
NASDAQ
|
Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
Title of 12(b) Security |
Redeemable
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
|
Trading Symbol |
AWINW
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Security Exchange Name |
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