Form 8-K - Current report
June 26 2024 - 3:30PM
Edgar (US Regulatory)
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0001329606
0001329606
2024-06-26
2024-06-26
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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): June 26, 2024 (June 21, 2024).
CLEAN
ENERGY TECHNOLOGIES, INC.
(Exact
name of Company as specified in its charter)
Nevada |
|
001-41654 |
|
20-2675800 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
Incorporation) |
|
File
Number) |
|
Identification
Number) |
1340
Reynolds Avenue, Unit 120
Irvine,
CA 92614
(Address
of principal executive offices)
Phone:
(949) 273-4990
(Company’s
Telephone Number)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company 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)) |
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. ☐
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 $0.001 |
|
CETY |
|
Nasdaq |
Item
1.01 Entry into a Material Definitive Agreement.
Clean
Energy Technologies, Inc., a Nevada corporation (the “Company”), retains 49% equity interest in Vermont Renewable
Gas LLC, a Vermont limited liability company (the “VRG”). On June 21, 2024, VRG entered into a loan agreement (the
“Loan Agreement”) with FPM Development LLC, a Nevada limited liability company, and Evergreen Credit Facility I LLP,
a Nevada limited liability partnership (collectively, the “Lenders”), pursuant to which the Lenders agreed to loan
to VRG the principal amount of $12 million, to be disbursed in tranches based on agreed-upon milestones, for the construction of a waste-to-biogas
generation facility. The term of the loan is two (2) years from the date of the first disbursement and shall mature at the end of the
said two (2) years. The Loan shall bear interest on the amount outstanding at a rate equal to the 12-month Secured Overnight Financing
Rate (SOFR) as published by the Federal Reserve Bank of New York plus 4.75% per annum.
Under
the Loan Agreement, the $12 million loan shall be secured by (i) two contracts of VRG and (ii) a corporate guarantee provided by the
Company (the “Corporate Guarantee”) pursuant to which the Company agreed to absolutely and unconditionally guarantees,
on a continuing basis, to the Lenders the prompt payment to the Lenders when due at maturity all of VRG’s liabilities and obligations
under the Loan Agreement. The Company has entered into the Corporate Guarantee with the Lenders on June 21, 2024.
Under
the Loan Agreement, the Lenders may also convert up to 30% of the amount of loan disbursed into shares of common stock of the Company,
at the exercise price of 15% discounted value of the then-current share price of the common stock of the Company. Accordingly, on June
21, 2024, the Company entered into a right to conversion agreement with the Lenders (the “FPM Right to Conversion Agreement”).
AMEC
Business Advisory Pte. Ltd., a company incorporated in Singapore (the “AMEC”) may assume or acquire up to 50% of the
total loan amount under the Loan Agreement, and seeks the option to convert an extra 10% of the amount of loan disbursed, in addition
to a pro-rata portion of the 30% conversion right. On June 21, 2024, the Company entered into a right to conversion agreement with AMEC
(the “AMEC Right to Conversion Agreement”).
The
foregoing descriptions of the Loan Agreement, the Corporate Guarantee, the FPM Right to Conversion Agreement, and the AMEC Right to Conversion
Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the form of each of such
document which are filed as Exhibits 10.1 to this Current Report on Form 8-K.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information contained above in Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item
3.02 Unregistered Sales of Equity Securities.
The
information contained above in Item 1.01 is hereby incorporated by reference into this Item 3.02.
Item
9.01 Financial Statement and Exhibits.
Exhibit
No. |
|
Description |
10.1
|
|
Form of loan agreement between Vermont limited liability company and the two lenders, FPM Development LLC and Evergreen Credit Facility I LLP, dated June 21, 2024. |
10.2 |
|
Form of corporate guarantee between Vermont limited liability company and the two lenders, FPM Development LLC and Evergreen Credit Facility I LLP, dated June 21, 2024. |
10.3 |
|
Form of right to conversion agreement between Vermont limited liability company and the two lenders, FPM Development LLC and Evergreen Credit Facility I LLP, dated June 21, 2024. |
10.4 |
|
Form of right to conversion agreement between Vermont limited liability company and AMEC Business Advisory Pte. Ltd., dated June 21, 2024. |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Clean
Energy Technologies, Inc. |
|
|
|
|
|
/s/
Kambiz Mahdi |
|
By: |
Kambiz
Mahdi |
|
|
Chief
Executive Officer |
|
|
|
|
Date: |
June
26, 2024 |
|
Exhibit 10.1
Exhibit 10.2
Exhibit 10.3
Exhibit 10.4
v3.24.1.1.u2
Cover
|
Jun. 26, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jun. 26, 2024
|
Entity File Number |
001-41654
|
Entity Registrant Name |
CLEAN
ENERGY TECHNOLOGIES, INC.
|
Entity Central Index Key |
0001329606
|
Entity Tax Identification Number |
20-2675800
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
1340
Reynolds Avenue
|
Entity Address, Address Line Two |
Unit 120
|
Entity Address, City or Town |
Irvine
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
92614
|
City Area Code |
(949)
|
Local Phone Number |
273-4990
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common
Stock, par value $0.001
|
Trading Symbol |
CETY
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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