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): November 16, 2022
American Metals Recovery and Recycling Inc.
(Exact name of registrant as specified in its charter)
Nevada | 000-56318 | 27-2262066 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
American Metals Recovery and
Recycling Inc.
4301 West Bank Dr.
Suite 110B Austin, Texas
78746
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (866) 365-0620
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)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Symbol(s) | Trading | Name of each exchange on which registered | ||
Common Stock, par value $0.001 per share | AMRR | OTC Markets |
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 |
Effective August 31, 2022, American Metals Recovery and Recycling Inc. (the “Company”) entered into an Asset Purchase Agreement with Multiband Global Resources, LLC, now known as HSB Holdings LLC (“MBGR”), pursuant to which the Company acquired substantially all of the MBGR’s assets (the “Asset Purchase Agreement”).
Pursuant to the Asset Purchase Agreement, in connection with the closing of the transaction, MBGR was obligated to, but did not, pay to the Company One Million Dollars ($1,000,000.00) in cash and the Company was obligated to, but did not, issue One Million (1,000,000) shares of Series A Preferred Stock of the Company to the Frinzi Family Trust as the person designated by MBGR.
On November 16, 2022, the Company entered into an Amendment to the Asset Purchase Agreement (the “Amendment”) with MGBR pursuant to which, among other things, the Company and MGBR amended the consideration payable under the Asset Purchase Agreement as follows: (i) the Company and MGBR waived MGBR’s obligation to pay to the Company One Million Dollars ($1,000,000.00) in cash and the Company’s obligation to issue to MGBR or its designee the One Million (1,000,000) shares of Series A Preferred Stock of the Company; and (ii) in lieu thereof the Company will pay to MBGR or its designee $100 for the assets of MBGR acquired by the Company.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amendment, which is filed as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Information Regarding Certain Relationships and Related Person Transactions
James Frinzi, the CEO and the majority stockholder of the Company, is the sole member of MGBR. Mr. Frinzi is also a beneficiary and co-trustee of the Frinzi Family Trust.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |
2.1 | Amendment to Asset Purchase Agreement, effective November 16, 2022, by and between the Company and HSB Holdings LLC f/k/a Multiband Global Resources, LLC. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
Date: November 16, 2022 | American Metals Recovery and Recycling Inc. | |
By: /s/ | James Frinzi | |
Name:James Frinzi | ||
Title: Chief Executive Officer |