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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vubotics Inc (CE) | USOTC:VBTC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) November 6, 2007
VUBOTICS, INC.
(Exact Name of Registrant as Specified in Charter)
Georgia |
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000-28883 |
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58-2212465 |
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(State
or Other Jurisdiction of
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(Commission
|
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(IRS
Employer
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235
Peachtree Street, NE, Suite 1725, Atlanta, Georgia 30303
(Address of Principal Executive Offices)
Registrants telephone number, including area code: (404) 474-2576
Former Name or Former 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):
o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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 |
As previously reported, the Company entered into a Securities Purchase Agreement (the Securities Purchase Agreement) with certain purchasers (Purchasers) and a collateral agent pursuant to which the Company anticipated raising up to an aggregate of $2,000,000 in proceeds from the sale of (i) senior, secured convertible notes (the Notes) and (ii) warrants to purchase shares of the Companys common stock (the Warrants). The Company has engaged four placement agents in connection with the financing. Subject to the terms and conditions of the Securities Purchase Agreement dated August 28, 2007, the Notes and Warrants have been offered to Purchasers in a series of tranches that have closed on different dates.
On October 31, 2007, certain additional Purchasers entered into the Securities Purchase Agreement, and the Company received and accepted the following subscriptions in connection therewith:
Investor |
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Subscription
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Notes |
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Warrants |
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Kazi Management |
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|
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$ |
50,000 |
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$ |
60,000 |
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500,000 |
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VI LLC |
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Michael Dion |
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$ |
10,000 |
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$ |
12,000 |
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100,000 |
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Adam Cabibi |
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$ |
15,000 |
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$ |
18,000 |
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150,000 |
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|
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|
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Total: |
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$ |
75,000 |
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ITEM 2.03 |
CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT |
In connection with the sale and issuance of the Notes and Warrants in Item 1.01 above, the Company received $75,000 of gross proceeds. On October 31, 2007, the Company became obligated to Kazi Management VI LLC (Kazi), Mr. Dion and Mr. Cabibi for Notes in the principal amounts of $60,000, $12,000 and $18,000, respectively. The Notes are a debt obligation arising other than in the ordinary course of business which constitutes a direct financial obligation of the Company.
ITEM 3.02 |
UNREGISTERED SALES OF EQUITY SECURITIES |
The Notes and Warrants referenced in Item 1.01 above were offered and sold to Kazi, Mr. Dion and Mr. Cabibi in private placement transactions in reliance upon exemptions from registration pursuant to Rule 506 of Regulation D of the Securities Act of 1933. Kazi, Mr. Dion and Mr. Cabibi are accredited investors as defined in Rule 501 of Regulation D of the Securities Act of 1933.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VUBOTICS, INC. |
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By: |
/s/ Philip E. Lundquist |
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Name: |
Philip E. Lundquist |
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Title: |
Chief Executive Officer |
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Date: |
November 6, 2007 |
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3
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