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): May 20, 2022
DESTINY MEDIA TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
| Nevada | 000-28259 | 84-1516745 |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
428 – 1575 West Georgia
Vancouver, British Columbia, Canada V6G 2V3
(Address of principal executive offices) (ZIP Code)
Registrant’s telephone number, including area code: (604) 609-7736
Not Applicable
(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: None
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 8.01 Other Events
On May 20, 2022, Destiny Media Technologies Inc. (the "Company") renewed and extended its Online Content Distribution Services Agreement (the "Agreement") with Universal Music Group Recording Services, Inc. ("Universal Music"). After numerous local subsidiaries of Universal Music entered into similar agreements starting in 2003, Universal Music consolidated its global use of the Company's Play MPE® platform under this Agreement in 2013.
The Agreement extends coverage until March 31, 2024 and includes a 10% increase in monthly service fees commencing April 1, 2022 through to March 31, 2023 ("Year 1 Fees") and up to an additional 2.5% increase over Year 1 Fees for the period April 1, 2023 through March 31, 2024 if certain usage targets are met. The Agreement can be terminated at March 31, 2023 by either party provided notice is given by December 31, 2022.
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.
| | DESTINY MEDIA TECHNOLOGIES INC. |
| | | |
| Date: May 24, 2022 | | |
| | By:
| /s/ FRED VANDENBERG
|
| | | FRED VANDENBERG
Chief Executive Officer, President and Secretary
|
