Item 1.01 Entry into a Material Definitive Agreement.
As previously reported in a Current Report on Form 8-K filed with the SEC on April 23, 2013, the Company entered into a strategic alliance with The Scotts Miracle-Gro Company in which, among other things, the Company issued: (i) 2,649,007 shares of Series B Convertible Preferred Stock to a wholly owned subsidiary of Scotts Miracle-Gro; and (ii) a warrant to purchase shares of the Company's common stock for an aggregate purchase price of $4.0 million. The Term Loan was approved by members of the Company's Board of Directors.
On March 28, 2018, AeroGrow International, Inc. (the "Company") and The Scotts Miracle-Gro Company entered into the third amendment to the Collaboration Services Agreement, first dated April 22, 2013 and executed as part of the initial Securities Purchase Agreement, the details of which were disclosed in the Current Report on Form 8-K filed with the SEC on April 23, 2013. The Company and The Scotts Miracle-Gro Company entered into an amendment to the Collaboration Services Agreement to amend the scope and types of services the Company will provide on behalf of The Scotts Miracle-Gro Company.
On March 28, 2018, AeroGrow International, Inc. (the "Company") and The Scotts Miracle-Gro Company entered into a new Brand License Agreement which expired March 31, 2018, but was first dated April 22, 2013 and executed as part of the initial Securities Purchase Agreement, the details of which were disclosed in the Current Report on Form 8-K filed with the SEC on April 23, 2013. The Company and The Scotts Miracle-Gro Company entered into the new Agreement to the Brand License Agreement which adds additional territory for sales of the Company and alters the calculation of License fees from the original agreement.
On
March 28, 2018
, AeroGrow International, Inc. (the "Company") and The Scotts Miracle-Gro Company extended the Technology License Agreement, first dated April 22, 2013 and executed as part of the initial Securities Purchase Agreement, the details of which were disclosed in the Current Report on Form 8-K filed with the SEC on April 23, 2013.
On March 13, 2018, AeroGrow International, Inc. (the "Company') and Aiwuan, a Chinese marketing and distribution company have entered into a distributor agreement to where Aiwuan will use the Chinese market to sell products in the direct-to-consumer, retail and Television Home Shopping channels.
The foregoing descriptions of the Amendment above does not purport to be complete and is qualified in its entirety by reference to the full text of such amendments, which is filed as Exhibit 10.1, 10.2 and 10.3, to this Current Report on Form 8-K and is incorporated by reference herein.