Form 8-K - Current report
15 Ottobre 2024 - 3:26PM
Edgar (US Regulatory)
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2024-10-14
2024-10-14
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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): October 14, 2024
AGEAGLE
AERIAL SYSTEMS INC.
(Exact
Name of Registrant as Specified in Charter)
Nevada |
|
001-36492 |
|
88-0422242 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
8201
E. 34th Cir N, Suite 1307, Wichita, Kansas |
|
67226 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (620) 325-6363
(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:
☐ |
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)) |
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 |
|
UAVS |
|
NYSE
American |
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). ☐
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
3.03 |
Material
Modification to Rights of Security Holders. |
To
the extent required by Item 3.03 of Form 8-K, the information regarding the Reverse Stock Split (as defined below) contained in Item
5.03 of this Current Report on Form 8-K is incorporated by reference herein.
Item
5.03. |
Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
Reverse
Split
As
previously announced, on October 3, 2024, the Board of Directors of the Company approved a reverse stock split of the Company’s
authorized, issued and outstanding shares of common stock, par value $0.001 per share, at a ratio of one (1) share of common stock for
every fifty (50) shares of common stock (the “Reverse Stock Split”). The Company filed a Certificate of Change (the “Certificate
of Change”) with the Secretary of State of the State of Nevada to effectuate the Reverse Stock Split. The Reverse Stock Split was
effective as of 5:00 p.m. (Eastern Time) on October 14, 2024 (the “Effective Time”) and the Company’s common stock
is expected to begin trading on the NYSE American on a post-split basis when the market opens on October 15, 2024.
Pursuant
to the laws of the State of Nevada, the Company’s state of incorporation, the Company’s Board of Directors has the authority
to effect a reverse stock split without shareholder approval if the number of authorized shares of common stock and the number of outstanding
shares of common stock are proportionally reduced.
Split
Adjustment; Treatment of Fractional Shares
As
a result of the Reverse Stock Split, each fifty (50) pre-split shares of common stock outstanding will automatically combine into one
(1) new share of common stock without any action on the part of the holders, and the number of outstanding shares common stock will be
reduced from 39,720,458 shares to approximately 850,409 shares (subject to rounding of fractional shares).
No
fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive
fractional shares because they hold a number of pre-reverse stock split shares of the Company’s common stock not evenly divisible
by 50, will, in lieu of a fractional share, be entitled the number of shares rounded up to the nearest whole share. The Company will
issue one (1) whole share of the post-Reverse Stock Split common stock to any stockholder who otherwise would have received a fractional
share as a result of the Reverse Stock Split. As a result, no fractional shares will be issued in connection with the Reverse Stock Split
and no cash or other consideration will be paid in connection with any fractional shares that would otherwise have resulted from the
Reverse Stock Split.
NYSE
American Compliance
The
Reverse Stock Split is being effected to is being effected to ensure that the Company can meet the per share price requirements of the
NYSE American, the Company’s current listing exchange.
Certificated
and Non-Certificated Shares
The
Company’s transfer agent, Equiniti Trust Company (“Equiniti”), is also acting as the exchange agent for the Reverse
Stock Split, will send instructions to stockholders of record regarding the Reverse Stock Split . Stockholders who hold their shares
in brokerage accounts or “street name” are not required to take action to effect the exchange of their share, as the effect
of the Reverse Stock Split will automatically be reflected in their brokerage accounts.
All
book-entry or other electronic positions representing issued and outstanding shares of the Company’s common stock will be automatically
adjusted. Those stockholders holding common stock in “street name” will receive instructions from their brokers.
Capitalization;
Adjustment of Outstanding Securities
The
Reverse Stock Split did not alter the par value of the Company’s common stock or modify any voting rights or other terms of the
common stock.
In
addition, pursuant to their terms, a proportionate adjustment will be made to the per share exercise price and number of shares issuable
under all of the Company’s outstanding shares of preferred stock and stock options and warrants to purchase shares of common stock,
and the number of shares authorized and reserved for issuance pursuant to the Company’s equity incentive plans will be reduced
proportionately.
Trading
Symbol; New CUSIP
After
the Reverse Stock Split, the trading symbol for the Company’s common stock will continue to be “UAVS.” The new CUSIP
number for the Company’s common stock following the Reverse Stock Split is 00848K 309.
Certificate
of Change
The
above description of the Certificate of Change and the Reverse Stock Split is a summary of the material terms thereof and is qualified
in its entirety by reference to the Certificate of Change, a copy of which is attached hereto as Exhibit 3.1, as filed with the Secretary
of State of the State of Nevada, effective as of October 14, 2024.
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:
October 15, 2024 |
AGEAGLE
AERIAL SYSTEMS INC. |
|
|
|
|
By: |
/s/
Mark DiSiena |
|
Name: |
Mark
DiSiena |
|
Title: |
Chief
Financial Officer |
Exhibit 99.1
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