Current Report Filing (8-k)
September 13 2016 - 2:16PM
Edgar (US Regulatory)
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):
September 7, 2016
PROTEO, INC.
(Exact name of registrant as specified in its
charter)
Nevada
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000-30728
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90-0019065
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(State of other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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2102 Business Center Drive, Irvine, California 92612
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(Address of Principal Executive Offices)
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Registrant’s telephone number, including area code:
(949) 253-4155
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Not Applicable
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(Former name or former address, if changed since last report)
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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):
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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.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))
Item 1.01
Entry
Into a Material Definitive Agreement
On September 9, 2016, the
Registrant entered into a Preferred Stock Purchase Agreement (the “Agreement”) with CFI Innovation GmbH Berlin Unternehmensberatung
und Beteiligungen, a German corporation (the “Investor”). Pursuant to the Agreement, the Registrant agreed to issue
and sell to the Investor 1,000,000 shares of the Registrant’s Series B-1 Preferred Stock (the “Purchase Shares”)
at the price of EUR 1.00 per share (the “Purchase Price”), for an aggregate purchase price of EUR 1,000,000. An initial
closing of 100,000 of the Purchase Shares will occur on October 31, 2016 or on such earlier date as the Investor and Registrant
may agree (the “Initial Closing Date”). The Investor agreed to deliver EUR 100,000, which is the Purchase Price with
respect to such Purchase Shares, on or before the Initial Closing Date. Subsequent closings of the remaining Purchase Shares will
occur on the fifth (5th) business day after such date or dates that Investor delivers all or a portion of the Purchase Price with
respect to such Purchase Shares; provided, however, that Investor shall deliver the Purchase Price for all remaining Purchase Shares
on or before March 31, 2017. The terms of the Series B-1 Preferred Stock are described in Item 3.03 below.
In partial consideration
for the Investor agreeing to purchase the Purchase Shares from the Registrant, the Registrant agreed to rebate four percent (4%)
of the Purchase price paid to the Registrant prior to March 31, 2017 on each of June 30, 2017, June 30, 2018, and June 30 2019
(the “Rebate Dates”). For example, if EUR 1,000,000 is paid pursuant to the terms of the Agreement prior to March 31,
2017, then the Registrant will rebate EUR 40,000 to the Investor on each of the Rebate Dates.
Item 3.02
Unregistered
Sales of Equity Securities
On September 9, 2016, the
Registrant entered into the Agreement described in Item 1.01 above. Pursuant to the Agreement, the Registrant will issue to the
Investor 1,000,000 shares of Series B-1 Preferred Stock in a transaction exempt from the registration requirements of the Securities
Act of 1933, as amended, by virtue of the exemptions available under Regulation S and the rules promulgated thereunder.
Item 3.03
Material
Modification of Rights of Security Holders
On September 7, 2016, the
Registrant filed a Certificate of Designation with the Secretary of State of the State of Nevada to designate 1,000,000 shares
of its authorized preferred stock as Series B-1 Preferred Stock. The rights, preferences, and privileges of the Series B-1 Preferred
Stock are as follows:
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Holders of shares of Series B-1 Preferred Stock are entitled to receive, when, as and if declared
by the Board of Directors preferential dividends a the per share rate of 1.5 times the per share amount of each and any cash and
non-cash dividend distributed to the holders of the Registrants common stock.
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Except as otherwise required by law, the Series B-1 Preferred Stock shall have no voting rights
and not be entitled to vote as a separate class on an matter to be voted on by stockholders of the Registrant.
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Upon any liquidation, voluntary or otherwise, dissolution or winding up of the Registrant, holders
of Series B-1 Preferred Stock will be entitled to receive per share distributions equal to 1.5 times the rate of per share distributions
to be made to the holders of the Registrant’s common stock.
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In the event the Registrant enters into any consolidation, merger, combination or other transaction
in which the shares of common stock of the Registrant are exchanged into other stock or securities, cash and/or any other property,
then in any such case each share of Series B-1 Preferred Stock shall automatically be simultaneously exchanged for or converted
into the same stock or securities, cash and/or other property at a rate per share equal to 1.5 times the rate per share that the
common stock is being exchanged or converted.
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The foregoing description
of the terms of the Series B-1 Preferred Stock is qualified in its entirety by the provisions of the Certificate of Designation
filed as Exhibit 3.1 attached hereto.
Item 5.03
Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On September 7, 2016, the
Registrant filed a Certificate of Designation with the Secretary of State of the State of Nevada to designate 1,000,000 shares
of its authorized preferred stock as Series B-1 Preferred Stock. The Certificate of Designation, a copy of which is attached as
Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference, describes the rights, preferences and privileges
of the Series B-1 Preferred Stock.
Item 9.01
Financial Statements and
Exhibits
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(d) Exhibits.
The following materials are filed as exhibits to this Current report on Form 8-K:
Exhibit No
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Description
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3.1
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Certificate of Designation of Series B-1 Preferred Stock dated September 7, 2016
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10.8
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Preferred Stock Purchase Agreement dated September 9, 2016
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SIGNATURE
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.
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PROTEO,
INC.
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Date: September 13, 2016
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By:
/s/ Birge Bargmann
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Birge Bargmann
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Chief Executive Officer
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EXHIBIT INDEX
Exhibit
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Number
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Description
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3.1
10.8
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Certificate of Designation
Preferred Stock Purchase Agreement
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