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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): July
18, 2024
DATA
STORAGE CORPORATION
(Exact name of registrant as specified in its
charter)
(Former Name of Registrant)
Nevada |
|
001-35384 |
|
98-0530147 |
(State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification Number) |
225 Broadhollow Road, Suite 307
Melville, New York 11747
(Address of principal executive offices) (zip code)
212-564-4922
(Registrant’s telephone number, including
area code)
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-4I under the Exchange Act (17 CFR 240.13I(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 $0.001 per share |
|
DTST |
|
The Nasdaq Capital Market |
Warrants to purchase shares of Common Stock, par value $0.001 per share |
|
DTSTW |
|
The Nasdaq Capital Market |
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 July 18, 2024, Data Storage
Corporation (the “Company”) entered into an Equity Distribution Agreement (the “Agreement”), with Maxim Group
LLC (“Maxim”), pursuant to which the Company may offer and sell, from time to time, through Maxim, as sales agent or principal,
shares of its common stock, $0.001 par value per share (the “common stock”).
Subject to the terms and
conditions of the Agreement, Maxim will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable
state and federal law, rules and regulations and the rules of the Nasdaq Capital Market to sell shares from time to time based upon the
Company’s instructions, including any price, time or size limits specified by the Company. Under the Agreement, Maxim may sell shares
by any method deemed to be an “at the market” offering as defined in Rule 415 under the U.S. Securities Act of 1933, as amended,
or any other method permitted by law, including in privately negotiated transactions. Maxim’s obligations to sell shares under the
Agreement are subject to satisfaction of certain conditions, including customary closing conditions for transactions of this nature. The
Company will pay Maxim a commission of 2.5% of the aggregate gross proceeds from each sale of shares and has agreed to provide Maxim with
customary indemnification and contribution rights. The Company also agreed to reimburse Maxim for certain specified expenses of up to
$50,000.
The Company is not obligated to make any sales of its common stock under the
Agreement and no assurance can be given that the Company will sell any shares under the Agreement, or, if it does, as to the price or
amount of shares that the Company will sell, or the dates on which any such sales will take place. The Agreement will terminate upon the
earlier of (i) the sale of all shares under the Agreement, (ii) twelve (12) months from the date of the Agreement, or (iii) as provided therein.
Sales of shares of common stock under the Agreement will be made pursuant to
the Company’s registration statement on Form S-3 (File No. 333-280881) (the “Registration Statement”) and a related prospectus
supplement (the “ATM Prospectus”), both of which were filed with the U.S. Securities and Exchange Commission (the “SEC”)
on July 18, 2024. The ATM Prospectus relates to the offering of up to $10,600,000 shares of the Company’s common stock. The issuance
and sale, if any, of common stock under the Agreement is subject to the effectiveness of the Registration Statement. The Company makes
no assurances as to whether the Registration Statement will become effective or, if it does become effective, as to the continued effectiveness
of the Registration Statement.
The foregoing summary of the Agreement does not purport to be complete and
is qualified in its entirety by reference to the full text of the Agreement, which is incorporated herein as Exhibit 1.1.
This Current Report on Form
8-K shall not constitute an offer to sell or the solicitation of an offer to buy any shares under the Agreement, nor shall there be any
sale of such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
This report contains forward-looking
statements. Forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs,
expectations, strategies, predictions or any other statements related to the Company’s future activities, or future events or conditions.
These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions
made by management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are
difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking
statements due to numerous factors, including those risks discussed in the Company’s Annual Report on Form 10-K and in other documents
that the Company files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made,
and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the
date of this report, except as required by law.
Item 9.01. Financial Statements
and Exhibits.
(d) Exhibits.
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.
Dated: July 18, 2024 |
DATA STORAGE
CORPORATION |
|
|
|
|
By: |
/s/
Charles M. Piluso |
|
Name: |
Charles M. Piluso |
|
Title: |
Chief Executive Officer |
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DATA
STORAGE CORPORATION
|
Entity Central Index Key |
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Entity Tax Identification Number |
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|
Entity Incorporation, State or Country Code |
NV
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Entity Address, Address Line One |
225 Broadhollow Road
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Entity Address, Address Line Two |
Suite 307
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Entity Address, City or Town |
Melville
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