Exhibit 1.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
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December 29, 2017
Date of Report (Date of Earliest event reported)
SHARING SERVICES, INC.
(Exact Name of Registrant as Specified in Charter)
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Nevada |
333-205310 |
30-0869786 |
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(State or other Jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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3820 American Drive, Suite 300, Plano, TX 75075 |
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(Address of principal executive offices) |
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Registrant's telephone number, including area code: |
714-203-6717 |
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930 S. 4 th Street, Suite 150, Las Vegas, NV 89101 |
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(Former Name or Former Address, If Changed Since Last Report) |
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13c-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 (/Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).
Emerging growth company [X]
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
On December 29, 2017, Sharing Services, Inc. (the “Company”) closed a financing transaction whereby the Company borrowed the sum of One Hundred Thousand dollars ($100,000.00) from an accredited investor, Power Up Lending Group Ltd. (the “Lender”). The transaction involved (i) the issuance by the Company in favor of the Lender of a Convertible Promissory Note (the “Note”) in the principal amount of $100,000.00 and (ii) the entering into of a Securities Purchase Agreement by the Company and the Lender (the “SPA”). The Note accrues interest at the rate of Twelve percent (12%) per annum with the principal amount and all accrued interest being due and payable on September 30, 2018. At the option of the Lender, the Note is convertible into shares of the Company’s common stock at any time following 180 days from its issuance. The foregoing description of the Note and the accompanying SPA, both dated December 15, 2017, is a summary only and is qualified in its entirety by the full text of the Note and SPA, which are filed as Exhibits 1.1 and 1.2 hereto, respectively, and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number
Description
Location
1.1
Convertible Promissory Note dated December 15, 2017
Provided herewith
Issued by Sharing Services, Inc., in favor of Power Up
Lending Group Ltd., in the principal amount of One
Hundred Thousand dollars ($100,000.00).
1.2
Securities Purchase Agreement dated December 15, 2017
Provided herewith
by and between Sharing Services, Inc. and Power Up
Lending Group Ltd.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: January 5, 2018 SHARING SERVICES, INC.
By: /s/ Jordan Brock Name: Jordan Brock Title: Chief Executive Officer/President |
Exhibit 1.1
Exhibit 1.2
