Form 8-K - Current report
01 September 2023 - 10:22PM
Edgar (US Regulatory)
0001634447
false
0001634447
2023-09-01
2023-09-01
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 1, 2023 (August 30, 2023)
ISUN,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-37707 |
|
47-2150172 |
(State
or other jurisdiction of
incorporation or organization) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification Number) |
400
Avenue D, Suite 10, Williston, Vermont 05495 |
(Address
of Principal Executive Offices) (Zip Code) |
(802)
658-3378 |
(Registrant’s
telephone number, including area code) |
|
(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, $0.0001 par value per share |
|
ISUN |
|
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
August 30, 2023, iSun, Inc., a Delaware corporation (the “Company”), entered into a letter agreement (the “First
Letter Agreement”) by and between the Company and each of Anson Investments Master Fund LP and Anson East Master Fund LP (together,
the “Investors”) regarding a modification of the terms of those certain Senior Secured Convertible Promissory Notes issued
to the Investors, dated November 4, 2022 (the “Notes”). The Notes are described in the Company’s Current Report on
Form 8-K, filed with the Commission on November 8, 2022. Under the Notes, the Company covenanted that it meet certain EBITDA targets,
including EBITDA of $500,000 for the quarter ended June 30, 2023. The Company had an EBITDA loss of $617,000 during the quarter ended
June 30, 2023. Under the Notes, a failure to fulfill the EBITDA financial covenant is defined as an Event of Default. For such an Event
of Default, the Investors may accelerate all amounts due under the Notes. The Investors have agreed to a waiver of the Event of
Default upon the terms set forth in the First Letter Agreement, including that the Company shall pay the Investors the aggregate
amount of $1,442,307.69 of the principal amount of the Notes by wire transfer within 30 days of the date of the Letter Agreement, that
the Fixed Conversion Price of the Notes shall be adjusted to $1.00, and that the Company shall issue warrants to the Investors as described
in Item 3.02, below.
On August 30, 2023, the Company entered into a
second letter agreement with the Investors (the “Second Letter Agreement”). The Second Letter Agreement provides that the
Company may complete an Optional Redemption of all of the then outstanding principal balance due under the Notes on or before December
31, 2023, notwithstanding Section 6(a) of the Notes, which permits the Company to effect an Optional Redemption only in the absence of
an existing or imminent Event of Default, and subject to certain other conditions.
Item
3.02. Unregistered Sale of Securities.
Effective
August 30, 2023,
in accordance with the terms of that certain Letter Agreement by and between the Company and the Investors, the Company issued warrants
to acquire an aggregate of 1,000,000 shares of Common Stock (the “Warrants”) to the Investors in satisfaction of the Letter
Agreement in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”),
in reliance on Section 4(a)(2) thereof and Rule 506(b) of Regulation D thereunder. Each of the Investors previously represented that
it was an “accredited investor”, as defined in Regulation D, and was acquiring the Warrants
and Warrant Shares for investment only and not
with a view towards, or for resale in connection with, the public sale of distribution thereof. Accordingly, the Warrants and
Warrant Shares have not been registered under
the Securities Act and any applicable state securities laws. Pursuant to the First Letter
Agreement, the Company was obligated to provide the Investors the Warrants with an exercise
price of $1.00 per share and a term of 5 years.
Item
9.01. Exhibits.
4.1 |
|
Warrant to Purchase Common Stock, dated August 30, 2023, by and between iSun, Inc. and Anson Investments Master Fund LP. |
|
|
|
4.2 |
|
Warrant to Purchase Common Stock, dated August 30, 2023, by and between iSun, Inc. and Anson East Master Fund LP. |
|
|
|
10.1 |
|
Letter Agreement, dated August 30, 2023, by and between iSun, Inc., Anson Investments Master Fund LP, and Anson East Master Fund LP. |
|
|
|
10.2 |
|
Letter Agreement, dated August 30, 2023, by and between iSun, Inc., Anson Investments Master Fund LP, and Anson East Master Fund LP. |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
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.
Dated:
September 1, 2023
|
iSun,
Inc. |
|
|
|
|
By: |
/s/
Jeffrey Peck |
|
Name: |
Jeffrey
Peck |
|
Title: |
Chief
Executive Officer |
Exhibit 4.1
Exhibit 4.2
Exhibit 10.1
Exhibit 10.2
v3.23.2
Cover
|
Sep. 01, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Sep. 01, 2023
|
Entity File Number |
001-37707
|
Entity Registrant Name |
ISUN,
INC.
|
Entity Central Index Key |
0001634447
|
Entity Tax Identification Number |
47-2150172
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
400
Avenue D
|
Entity Address, Address Line Two |
Suite 10
|
Entity Address, City or Town |
Williston
|
Entity Address, State or Province |
VT
|
Entity Address, Postal Zip Code |
05495
|
City Area Code |
(802)
|
Local Phone Number |
658-3378
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common
Stock, $0.0001 par value per share
|
Trading Symbol |
ISUN
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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