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 6, 2020

 

CREDNOLOGY HOLDING CORP.

(Exact name of registrant as specified in its charter)

 

DELAWARE   65-0970516
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

925 South Federal Highway, Suite 700

Boca Raton, FL

  33432
(Address of principal executive offices)   (Zip Code)

 

888-510-6371

(Registrant’s telephone number, including area code)

 

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:

 

[  ] 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 Shares   COHO  

OTC Markets

 

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 5.01 Changes in Control of Registrant

 

On May 31, 2020 (the “Closing Date”), Top Knot, Inc. USA (“TKIU”) obtained control of the Company from its previous CEO and Director, Oriel Rechtman (“Rechtman”), pursuant to a Conditional Stock Purchase Agreement, dated as of May 31, 2020 (the “SPA”), by and among TKIU and Rechtman. On the Closing Date, Rechtman caused TKIU to obtain control of the Company through the election of two new Directors to the Board of the Company (the “Transaction”). Following the Transaction, on July 7, 2020, TKIU assigned the SPA to Stonecrest Acquisitions, LLC, a Delaware limited liability company (“Stonecrest”).

 

In connection with the Transaction, and in reference to the October 14, 2016 agreement by and between the Company and Rechtman, and that certain Share Exchange Agreement whereby Rechtman exchanged shares of entities controlled by Rechtman, including, but not limited to; California Recycles, Inc., Landmark PLG, LLC (dba 4Service Cloud), Riteman, Inc. (dba ITatOnce, dba Evolve Partners) (collectively, the “Rechtman Entities”), for nominal control of the Company (the “Rechtman Consideration”), and Rechtman also funded $231,000 to the Company and its subsidiaries (the “COHO Debt”), on June 23, 2020 Rechtman and the Company further entered into a share exchange agreement (the “Rechtman Exchange”) whereby as conditions precedent the Company and Rechtman entered into a Debt Settlement Agreement and Termination And Release Agreement cancelling the COHO Debt and removing any liabilities the Company may have in connection to the Rechtman Entities and returned 100% control in the Rechtman Entities to Rechtman.

 

On the Closing Date, and as a consequence of the Transaction, a change of control of the Company occurred. As a result of the Transaction, Stonecrest now controls the Company through the Board of Directors.

 

Item 5.02 Departure of Directors of Certain Officers, Election of Directors, Appointment of Certain Officers;

 

Effective June 23, 2020, the Board of Directors of the Company accepted the resignation of Oriel Rechtman from the position of Director, CEO and Secretary.

 

Effective June 23, 2020, the Board of Directors of the Company unanimously elected Craig G. Delasin as Director to the Company and appointed Mr. Delasin to the office of President and Chief Executive Officer of the Company.

 

Effective June 23, 2020, the Board of Directors of the Company unanimously elected John D. Murphy Jr. as Director to the Company and appointed Mr. Murphy to the office of Vice-President and Treasurer of the Company.

 

Effective June 23, 2020, the Board of Directors of the Company unanimously appointed Paul L. Strickland to the office of Secretary of the Company.

 

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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.

 

Dated: July 8, 2020

 

Crednology Holding Corp.    
   
By: /s/ Craig Delasin  
Name: Craig Delasin  
Title: President  

 

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