UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): October 1, 2020

 

ORIGINCLEAR, INC.

(Name of registrant as specified in its charter)

 

Nevada   333-147980   26-0287664
(State or other jurisdiction of   (Commission File Number)   (I.R.S. Employer
Incorporation or organization)       Identification Number)

 

     

13575 58th Street North, Suite 200

Clearwater, FL

 

 

33760

(Address of principal executive offices)   (Zip Code)

  

Registrant’s telephone number, including area code: (323) 939-6645

 

 

(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: None.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b2 of the Securities Exchange Act of 1934 (§240.12b2 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 1.01 Entry into a Material Definitive Agreement.

 

Between September 30, 2020 and October 1, 2020, OriginClear, Inc. (the “Company”) entered into exchange agreements with certain holders of the Company’s Series F Preferred Stock, pursuant to which such holders exchanged an aggregate of 160 shares of Series F Preferred Stock for an aggregate of 160 shares of the Company’s Series Q Preferred Stock.

 

In connection with the foregoing, the Company relied upon the exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, for transactions not involving a public offering.

 

Item 3.02 Unregistered Sales of Equity Securities.

 

The information under Item 1.01 is incorporated by reference into this Item 3.02.

 

Consultant Issuances

 

Between September 22, 2020 and September 30, 2020, the Company issued to consultants and two employees an aggregate of 1,216,073 shares of the Company’s common stock for services.

 

On October 1, 2020, the Company issued to a consultant an aggregate of 314,361 shares of common stock per qualifying alternate vesting schedule relating to consultant’s May 2016 Restricted Stock Grant Agreement. 

 

The securities referenced above were offered and sold pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act for transactions not involving a public offering.

 

Conversion of Preferred Shares

 

As previously reported, on August 19, 2019, the Company filed a certificate of designation (the “Series L COD”) of Series L Preferred Stock (the “Series L”).  Pursuant to the Series L COD, the Company designated 100,000 shares of preferred stock as Series L. The Series L has a stated value of $1,000 per share, and is convertible into shares of the Company’s common stock, on the terms and conditions set forth in the Series L COD.

 

On October 2, 2020, holders of Series L Preferred Stock converted an aggregate of 12 Series L shares into an aggregate of 264,901 shares of the Company’s common stock.

 

As previously reported, on August 27, 2020, the Company filed a certificate of designation (the “Series Q COD”) of Series Q Preferred Stock (the “Series Q”).  Pursuant to the Series Q COD, the Company designated 2,000 shares of preferred stock as Series Q. The Series L has a stated value of $1,000 per share, and is convertible into shares of the Company’s common stock, on the terms and conditions set forth in the Series Q COD.

 

On October 1, 2020, holders of Series Q Preferred Stock converted an aggregate of 40 Series Q shares into an aggregate of 1,743,680 shares of the Company’s common stock.

 

The securities above were offered and sold pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act for transactions not involving a public offering.

 

 

 

 

Dividends in Shares of Common Stock

 

As previously reported, on May 1, 2020, the Company filed a certificate of designation (the “Series O COD”) of Series O Preferred Stock (the “Series O”).  Pursuant to the Series O COD, the Company designated 2,000 shares of preferred stock as Series O. The Series O has a stated value of $1,000 per share, is convertible into shares of the Company’s common stock on the terms set forth in the Series O COD, and holders are entitled to receive certain dividends, including in shares of common stock at an annual rate of 4% of stated value based on the terms and conditions set forth in the Series O COD.

 

Between August 31, 2020 and September 30, 2020, the Company issued an aggregate of 166,990 in shares of the Company’s common stock as dividends to certain holders of Series O Preferred Stock.

 

The securities above were offered and sold pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act for transactions not involving a public offering.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit No.   Description
     
10.1   Form of Exchange Agreement (incorporated by reference to 8-K filed September 9, 2020)

 

 

 

 

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.

 

  ORIGINCLEAR, INC.
   
October 7, 2020 By:  /s/ T. Riggs Eckelberry
    Name: T. Riggs Eckelberry
Title:   Chief Executive Officer