Form 8-K - Current report
January 26 2024 - 4:21PM
Edgar (US Regulatory)
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0001662684
0001662684
2024-01-26
2024-01-26
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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):
January 26, 2024
KULR
TECHNOLOGY GROUP, INC.
(Exact name of the registrant as specified in its
charter)
Delaware |
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001-40454 |
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81-1004273 |
(State or other jurisdiction of
incorporation) |
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(Commission
File Number) |
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(IRS Employer Identification
No.) |
4863
Shawline Street, San Diego,
California 92111
(Address of principle executive offices) (Zip code)
Registrant’s telephone number, including
area code: (408) 663-5247
(Former name or 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) |
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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 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) |
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Name of Each Exchange on Which Registered |
Common Stock |
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KULR |
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NYSE American LLC |
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) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2).
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 3.02 | Unregistered Sales of Equity
Securities |
On January 26, 2024, the Board of Directors (“Board”)
of KULR Technology Group, Inc. (the “Company”), following extensive strategic evaluation, including consultation with advisors,
approved, authorized, and ratified the issuance of 730,000 shares of previously designated Non-convertible Series A Voting Preferred Stock
to the Chairman and Chief Executive Officer of the Company, Michael Mo, subject to certain limitations as set forth below. The issuance
of up to 1,000,000 shares of Non-convertible Series A Voting Preferred Stock was previously approved and authorized by a vote of the majority
stockholders of the Company.
The issuance is subject to the Board reserving
the full and unequivocal right to revoke, rescind, transfer or otherwise cancel the issued Non-convertible Series A Voting Preferred Stock
in the event Michael Mo is removed from any position with the Company or resigns from all positions with the Company. This conditional
arrangement is designed to ensure that the voting power conferred by the Non-convertible Series A Voting Preferred Stock remains tied
to the active leadership of the Company. This underscores the Board’s commitment to maintaining alignment with the long-term interests
of the Company and its stockholders.
The Independent Members of the Board have determined
that the issuance represents a pivotal strategic move to reinforce and enhance the Company’s flexibility to optimize the Company’s
negotiating position in any potential current and/or future engagements with commercial, financial, and/or strategic parties, and to provide
defenses against potential hostile third-party actions.
The shares of Non-convertible Series A Voting
Preferred Stock were issued in reliance upon the exemptions from registration provided by Section 4(a)(2) of the Securities Act and Regulation
D promulgated thereunder.
Certificate of Designation
On June 6, 2017, the Company filed a Certificate
of Designation of Preferences, Rights and Limitations of the Non-convertible Series A Voting Preferred Stock (the “COD”) with
the Secretary of State of the State of Delaware. Pursuant to the Certificate of Designation, the Company designated 1,000,000 shares of
preferred “A” stock, $0.0001 par value per share (individually or collectively the “Preferred A Stock”).
The Preferred A Stock is not convertible into
any series or class of stock of the Company. In addition, holders of the Preferred A Stock are not entitled to receive dividends, nor
do they have rights to distribution from the assets of the Company in the event of any liquidation, dissolution, or winding up of the
Company.
Each record holder of Preferred A Stock shall
have the right to vote on any matter with holders of the Company’s common stock and other securities entitled to vote, if any, voting
together as a single class. Each record holder of Preferred A Stock has that number of votes equal to one-hundred (100) votes per share
of Preferred A Stock held by such holder.
The foregoing description is qualified in its
entirety by the full text of the COD, which is incorporated herein by reference and a copy of which may be found as Exhibit 3.1 to the
Company’s Current Report on Form 8-K filed on June 12, 2017.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto
duly authorized.
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KULR TECHNOLOGY GROUP, INC. |
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Date: January
26, 2024 |
By: |
/s/ Michael Mo |
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Michael Mo |
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Chief Executive Officer |
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