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):
March 2, 2020
Ando Holdings Ltd.
(Exact Name of Registrant as Specified in its Charter)
Nevada | | 001-37834 | | 47-4933278 |
(State of | | (Commission | | (IRS Employer |
incorporation) | | File Number) | | Identification No.) |
| Room 1107, 11/F, Lippo Sun Plaza, 28 Canton Road Tsim Sha Tsui, Kowloon, Hong Kong 00000 | |
| (Address of principal executive offices) | |
(852) 2351 9122
(Registrant’s telephone number, including area code)
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 1.01 Entry into a Material Definitive Agreement.
From January to March 2020, Ando Holdings Ltd. (the “Company”), a Nevada corporation, entered into several securities purchase agreements (the “Securities Purchase Agreements”) with a batch of accredited investors (the “Lenders”), pursuant to which the Company issued promissory notes for an aggregate of $705,000 (the “Outstanding Balance”), with an interest rate of 10% per annum (the “Note”). The Outstanding Balance of the Notes are to be paid within one year beginning from the effective dates of the notes (“Maturity Dates”). The Notes contain an auto renewal clause for one year if the Lender fails to provide notice for redemption on or before 30 days from the Maturity Date. Subject to the terms and conditions set forth in the Note, the Company may prepay all or any portion of the Outstanding Balance of the Note at any time on or before 90 days from the Maturity Date without penalty. Conversely, the Lender may redeem the Note at any time before the Maturity Date, by accepting 90% partial or full Outstanding Balance and giving the Company not less than 30 days’ written notice stating the redemption amount and wiring information to the Company. Upon the occurrence of an event of default, the Outstanding Balance shall maintain at the Outstanding Balance immediately prior to the occurrence of the event of default and the Outstanding Balance shall become immediately due and payable. The corresponding issuances are listed as follows.
Name of Lender | Effective Date | Outstanding Balance ($) | Maturity Date |
| | | |
Su Liang An | January 29, 2020 | 50,000.00 | January 29, 2021 |
Lin Su Hui | February 6, 2020 | 50,000.00 | February 6, 2021 |
Liang Pei Jen | February 13, 2020 | 100,000.00 | February 13, 2021 |
Lin Pin Hui | February 25, 2020 | 100,000.00 | February 25, 2021 |
Teng Ying Min | February 28, 2020 | 155,000.00 | February 28, 2021 |
Kao Ko Chen | March 3, 2020 | 50,000.00 | March 3, 2021 |
Chiang Chao Chun | March 9, 2020 | 200,000.00 | March 9, 2021 |
Unless specifically defined herein, the capitalized terms shall have the meanings as defined in the respective documents attached herein. The forgoing terms are qualified in their entirety by the actual Securities Purchase Agreement and the Note attached herein as Exhibits 10.1 and 10.2, respectively.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | | Exhibits |
| | |
10.1 | | Sample Securities Purchase Agreement |
| | |
10.2 | | Sample Promissory Note Agreement |
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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.
March 2, 2020
Ando Holdings Ltd |
| |
By: | /s/ Lam Chi Kwong Leo |
Name: | Lam Chi Kwong Leo |
Title: | Chief Executive Officer, President, Chairman and Director |
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