Current Report Filing (8-k)
November 03 2022 - 4:17PM
Edgar (US Regulatory)
0001372183
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0001372183
2022-10-28
2022-10-28
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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): October 28, 2022
NextPlay Technologies,
Inc.
(Exact name of Registrant
as specified in its charter)
| Nevada |
|
001-38402 |
|
26-3509845 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
|
1560 Sawgrass Corporate Parkway,
Suite 130, Sunrise, Florida |
|
33323 |
| (Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone
number, including area code: (954) 888-9779
Former name or former address,
if changed since last report: N/A
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:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
Common Stock, par value $0.00001 per share |
|
NXTP |
|
The NASDAQ Stock Market LLC |
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
1.01 Entry into a Material Definitive Agreement
On October 28, 2022, HotPlay
(Thailand) Company Limited (“HotPlay”), a wholly owned subsidiary of NextPlay Technologies, Inc. (the “Company”),
entered into a loan agreement (the “Loan Agreement”) with Tree Roots Entertainment Group Company Limited (“Tree Roots”),
pursuant to which Tree Roots agreed to loan HotPlay THB 15,500,000 (approximately USD $400,000) (the “Bridge Loan”). The Bridge
Loan incurs interest at a rate of 15% per annum and is due and payable in full on November 11, 2022 (the “Maturity Date”).
Additionally, as partial consideration for the Bridge Loan, the Company agreed to repay convertible notes previously entered into with
Tree Roots, in the aggregate amount of TBH 10,598,356 (approximately USD $280,000), on the Maturity Date.
The Bridge Loan is secured
by 2,266,082 shares (the “Guarantee Shares”) of Company common stock beneficially owned by Nithinan Boonyawattanapisut, the
Company’s Chief Executive Officer. In the event that HotPlay is unable to repay the Bridge Loan in full on the Maturity Date, Ms.
Boonyawattanapisut may elect to repay the Bridge Loan through the transfer of the Guarantee Shares to Tree Roots, in which case the Loan
Agreement will be assigned to Ms. Boonyawattanapisut or her designee and she or her designee will be entitled to all rights provided to
Tree Roots under the Loan Agreement. In the event that Ms. Boonyawattanapisut transfers any Guarantee Shares to Tree Roots, the Company
shall be obligated to issue Ms. Boonyawattanapisut the same number of shares of common stock as replacement shares (“Replacement
Shares”). If the Replacement Shares are not issued six months from the date of the Loan Agreement, then the interest rate on the
Bridge Loan shall increase to 17% per annum.
Tree Roots is a significant
shareholder of the Company; as a result, the Bridge Loan constitutes a related party transaction. The Bridge Loan was considered and approved
in advance by the Company’s board of directors and audit committee.
The foregoing description of the Loan Agreement does
not purport to be complete, and is qualified in its entirety by reference to the complete text of such Loan Agreement, a copy of which
will be filed as an exhibit to the Company’s next periodic report.
Item 2.03 Creation of
a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth
in Item 1.01 of this Current Report on Form 8-K regarding the Bridge Loan is incorporated by reference into this Item 2.03.
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.
| |
NEXTPLAY TECHNOLOGIES, INC. |
| |
|
|
| Date: November 3, 2022 |
By: |
/s/ Nithinan Boonyawattanapisut |
| |
|
Name: Nithinan Boonyawattanapisut
Title: Co-Chief Executive Officer |
2
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