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): July 22, 2013
3DIcon Corporation
(Exact name of registrant as specified in charter)
| Oklahoma | 000-54697 | 73-1479206 |
| (State or other jurisdiction of incorporation) | (Commission | (IRS Employer |
| File Number) | Identification No.) |
| 6804 South Canton Avenue, Suite 150 | 74136 |
| Tulsa, OK | (Zip Code) |
| (Address of principal executive offices) |
Registrant’s telephone number, including area code: (918) 494-0505
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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item 1.01 | Entry Into A Material Definitive Agreement |
| Item 2.03 | Creation of a Direct Financial Obligation |
On July 22, 2013, 3DIcon Corporation (the “Company”) entered into a third amendment agreement (the “Amendment”) with CP US Income Group LLC (“CPUS”), the successor in interest of GCA Strategic Investment Fund Limited (“GCASIF”) to that certain Convertible Bridge Note in principal amount of $300,000 and due November 26, 2012, as amended on December 21, 2012 to increase the principal amount to $325,000 and on May 28, 2013 to extend the maturity date to August 1, 2013 (the “Note”) and that certain Securities Purchase Agreement dated as of August 24, 2012, as amended on December 21, 2012 and May 28, 2013 (the “SPA”).
Pursuant to the Amendment, CPUS agreed to extend the maturity of the Note from August 1, 2013 to July 22, 2014 and to waive, if any, existing or prior defaults under the Note or SPA and the Company agreed to (i) amend the conversion price of the Note to the greater of (x) the par value of the Common Stock, or (y) 60% of the lowest closing bid price, as reported by Bloomberg, L.P., for the 10 trading days prior to the date CPUS requests conversion of all or part of the Note; and (ii) agreed to file a prospectus supplement to the Form 424B3 filed by the Company on February 15, 2013 in order to identify CPUS as a Selling Stockholder in place of GCASIF.
The foregoing information is a summary of the Amendment, the Note and the SPA, is not complete, and is qualified in its entirety by reference to the full text of those agreements, each of which is attached as an exhibit to this Current Report on Form 8-K and the Current Report on Form 8-K filed on August 31, 2012. Readers should review those agreements for a complete understanding of the terms and conditions associated with this transaction.
| Item 9.01 . | Financial Statements and Exhibits |
| (c) | Exhibits |
| Exhibit No . | Description | |
| 10.1 | Third Amendment to Securities Purchase Agreement and Convertible Note |
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.
| Date: July 26, 2013 | 3DICON CORPORATION |
| By: /s/ Mark Willner | |
| Name: Mark Willner | |
| Position: Chief Executive Officer |
| THIRD AMENDMENT TO | ||
| SECURITIES PURCHASE AGREEMENT AND CONVERTIBLE NOTE |
THIS IS AMENDMENT (the “Amendment") being executed and delivered by and between 3DICON Corporation, an Oklahoma corporation ("3DI"), and CP US Income Group LLC ("CPUS"), and dated as of July 22 , 2013 (the “Amendment Date”) in order to amend that certain Securities Purchase Agreement and Convertible Bridge Note dated as of August 24, 2012 .
RECITALS
WHEREAS , pursuant to that certain Assignment and Assumption agreement dated July 16, 2013 by and between CPUS and GCA Strategic Investment Fund Limited (“GCA”), CPUS purchased the ownership interest in that certain Convertible Bridge Note dated as of August 24, 2012, as amended on December 21, 2012 and May 28, 2013 (the “Note”) in the face amount of $325,000 and CPUS purchased the rights and assumed the obligations under that certain Securities Purchase Agreement dated as of August 24, 2012, as amended on December 21, 2012 and May 28, 2013 (the “Securities Purchase Agreement”);
WHEREAS , The parties to this Amendment wish to (i) amend certain terms of the Note and the Securities Purchase Agreement, (ii) restructure the obligations underlying the Note, including the Maturity Date and the Conversion Price, and (iii) waive any and all Events of Default arising prior to the date hereof under the Securities Purchase Agreement and Note, all as further set forth below.
AGREEMENT
NOW THEREFORE, in consideration of the mutual promises contained in this Amendment and other good and valuable consideration, the sufficiency, mutuality and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Amendment of the Note . The Note shall be amended such that the Maturity Date shall be extended to the first anniversary of the Amendment Date.
2. Waiver of Events of Default, Default Interest and Liquidated Damages . On execution of this Amendment, any and all Events of Default, Default Interest and Liquidated Damages, as set forth in the Securities Purchase Agreement and Note, occurring or owed by 3DI prior to this amendment shall be deemed waived without further recourse by CPUS.
3. Conversion Price . In consideration for the waivers and accommodations agreed to by CPUS in this Amendment, the Conversion Price as set forth in Section 4.2 of the Note shall be amended to the greater of (i) the par value of the Common Stock, or (ii) 60% of the lowest closing bid price, as reported by Bloomberg, L.P., for the 10 trading days prior to the Conversion Date.
4. Registration . In connection with this Amendment, 3DI shall file a Prospectus Supplement to 3DI’s Form 424B3 filed on February 15, 2013 in order to identify CPUS as a Selling Stockholder, which right CPUS acquired from GCA. CPUS agrees and acknowledges that 3DI does not have any obligations to keep effective the Registration Statement under which such Prospectus Supplement shall be filed.
5. New York Law and Jurisdiction . Section 14.8 of the Securities Purchase Agreement and Section 8 of the Note shall be amended to change the construction of law from State of Georgia to the State of New York and the exclusive jurisdiction from the United District Court for the Northern District of Georgia and of any Federal District Court sitting in Atlanta, Georgia to the United District Court of the Southern District of New York and of any Federal District Court sitting in New York, New York.
6. No Other Effect on the Securities Purchase Agreement or Note. The Securities Purchase Agreement and the Note remain in full force and effect, except as amended by this Amendment.
7. Effective Date . This Amendment shall be effective as of the Amendment Date.
8. Miscellaneous .
(a) Captions; Certain Definitions . Titles and captions of or in this Amendment are inserted only as a matter of convenience and for reference and in no way define, limit, extend or describe the scope of this Amendment or the intent of any of its provisions. All capitalized terms not otherwise defined herein shall have the meaning therefor, as set forth in the Securities Purchase Agreement and Convertible Bridge Note.
(b) Controlling Law . This Amendment is governed by, and shall be construed and enforced in accordance with the laws of the State of New York (except the laws of that jurisdiction that would render such choice of laws ineffective).
(c) Counterparts . This Amendment may be executed in one or more counterparts (one counterpart reflecting the signatures of all parties), each of which shall be deemed to be an original, and it shall not be necessary in making proof of this Amendment or its terms to account for more than one of such counterparts. This Amendment may be executed by each party upon a separate copy, and one or more execution pages may be detached from a copy of this Amendment and attached to another copy in order to form one or more counterparts.
( Signature Pages Follow )
IN WITNESS WHEREOF, this Amendment has been executed and delivered by 3DI and CPUS as of the date first set forth above.
| 3DI: | 3DIcon Corporation | |
| By: | /s/ Mark Willner | |
| Name: Mark Willner | ||
| Title: CEO | ||
| CPUS: | CP US Income Group LLC | |
| By: | /s/ Greg Connell | |
| Name: Greg Connell | ||
| Title: Managing Director | ||
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