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) May 17, 2011
IA Global, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
| 1-15863 |
| 13-4037641 |
(State or other jurisdiction |
| (Commission |
| (IRS Employer |
101 California Street, Suite 2450, San Francisco, CA 94111
(Address of principal executive offices) (Zip Code)
(415)-946-8828
(Registrant’s telephone number, including area code)
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):
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 133-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
Amendment to Equity Line of Credit Transaction with Ascendiant Capital Group, LLC
On September 29, 2009, IA Global, Inc. (“IA Global” or the “Company”) entered into a Securities Purchase Agreement with Ascendiant Capital Group, LLC (“Ascendiant”), pursuant to which Ascendiant agreed to purchase up to $5,000,000 worth of shares of the Company’s common stock from time to time over a 24-month period, provided that certain conditions are met. The financing arrangement entered into by IA Global and Ascendiant is commonly referred to as an “equity line of credit” or an “equity drawdown facility.”
On May 17, 2011, the Company entered into an Amendment to the Equity Line of Credit whereby the $1 million minimum use of facility was waived by Ascendiant.
The Amendment to the Equity Line of Credit will be included as exhibits to the Form 10-Q for the three months ended June 30, 2011.
SIGNATURE
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.
IA GLOBAL, INC.
(Registrant)
Dated: May 18, 2011 | By: | /s/ Brian Hoekstra Brian Hoekstra Chief Executive Officer |
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