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 15, 2023
Vado Corp.
(Exact name of registrant as specified in its charter)
Nevada | 333-222593 | 30-0968244 |
(State or Other Jurisdiction | (Commission | (I.R.S. Employer |
of Incorporation) | File Number) | Identification No.) |
13468 Beach Avenue
Marina Del Ray, CA 90292
(Address of Principal Executive Office) (Zip Code)
(888) 545-0009
(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: 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 checkmark 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 Material Definitive Agreement.
On November 15, 2023, Vado Corp. (the “Company”) borrowed $625,000 from an entity controlled by Jason Wulfsohn (the “Lender”) and issued the Lender a Fixed-Rate Convertible Promissory Note (the “Note”) in the principal amount of $625,000. The Note has a maturity date of December 31, 2025 and bears interest at a rate of 8.5% per annum, subject to increase to 18% upon the occurrence of an event of default. Under the terms of the Note, the Holder may convert all or part of the outstanding balance into shares of the Company’s common stock at a conversion price of $0.32 per share, subject to adjustment.
The foregoing description of the Note does not purport to be complete, and is qualified in its entirety by the form of Note which is included as Exhibit 10.1 to this Current Report on Form 8-K.
Item 3.02 Unregistered Sale of Equity Securities.
The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. The securities offered under the terms of the Note were not registered under the Securities Act of 1933 and are exempt from registration pursuant to Section 4(a)(2) thereof and Rule 506(b) of Regulation D promulgated thereunder.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are filed as part of this report:
Incorporated by Reference | Filed or | |||||||||
Exhibit # | Exhibit Description | Form | Date | Number | Herewith | |||||
10.1 | 10-Q | 11/14/2023 | 10.2 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VADO CORP. | |||
November 21, 2023 | By: | /s/ Ryan Carhart | |
Ryan Carhart, Chief Financial Officer | |||