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, 2016
OWC PHARMACEUTICAL RESEARCH CORP.
(Exact Name of Registrant as Specified in its Charter)
Commission File No.: 0-54856
| Delaware | 98-0573566 |
| (State of Incorporation) | (I.R.S. Employer Identification No.) |
| | |
| 22 Shacham Street. P.O.B. 8324 Petach Tikva, Israel | 4918103 |
| (Address of Principal Executive Offices) | (ZIP Code) |
Registrant's Telephone Number, including area code: 972 (0) 3-758-2657
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-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02 Termination of a Material Definitive Agreement.
On September 28, 2016, One World Cannabis Ltd. ("OWC Ltd"), a wholly-owned Israeli subsidiary of OWC Pharmaceutical Research Corp. (the "Registrant"), entered into a loan agreement with Medmar LLC , organized under the laws of the State of Maryland ("Medmar"), effective as of September 22, 2016 pursuant to which Medmar has agreed to loan OCW Ltd a total of $300,000 on a non-interest bearing basis, with no conversion rights. Medmar agreed to fund the Loan in six equal installments of $50,000 each. To date, OWC Ltd. has received $100,000 of the total Medmar loan commitment.
As a result of the Medmar loan, the Registrant, effective October 14, 2016, served notice on Kodiak Capital Group, LLC ("Kodiak") that it was: (i) terminating the Equity Purchase Agreement between the Registrant and Kodiak dated December 17, 2015 and amended on May 17, 2016; and (ii) withdrawing the pending registration statement on Form S-1 that had been filed with the SEC on June 16, 2016.
Item 8.01 Other Events.
The Registrant is reporting in this Form 8-K that effective on October 3, 2016, the Registrant has no convertible debt outstanding whatsoever.
| OWC Pharmaceutical Research Corp. | |
| | | |
| By: | /s/ Mordechai Bignitz |
| Name: | Mordechai Bignitz |
| Title: | Chief Executive Officer |
Date: October 14, 2016
