---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-009135"
form_type: "8-K"
ticker: "AETN"
cik: "0000764630"
company_name: "SHOREPOWER TECHNOLOGIES INC."
filed_at: "2023-03-27T23:59:59+00:00"
generated_at: "2026-06-17T15:55:28.620832+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# USBL completes reverse merger with Shorepower; assumes $1.4M debt; raises $660K PIPE

## Summary
- Shorepower now owns 55% of USBL common stock; received 2M Series B preferred shares with 40 votes each.
- Company assumed $1,400,000 of Shorepower debt; new CEO capped at $10K/month for first 9 months.
- PIPE financing raised $660,000 via 11M units at $0.06 per unit with warrants exercisable at $0.25.
- After close, USBL has 47,435,106 common shares, 2M Series B preferred, and 11M warrants outstanding.
- Management expresses substantial doubt about going concern; plans to change name to Shorepower Technologies.

## SEC filing metadata
- accession: 0001493152-23-009135
- form_type: 8-K
- ticker: AETN
- cik: 0000764630
- company_name: SHOREPOWER TECHNOLOGIES INC.
- filed_at: 2023-03-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 9.01, 3.02, 5.01, 5.02, 5.06
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764630/000149315223009135/0001493152-23-009135-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764630/000149315223009135/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-009135
- JSON: https://secwatch.observer/filing/0001493152-23-009135.json
- Plain text: https://secwatch.observer/filing/0001493152-23-009135.txt

## Key facts
- Governance Changes
  SHOREPOWER TECHNOLOGIES INC.: The company ceased to be a shell company as a result of the Merger.
  - Change: shell status
  source text: As a result of the Merger, the Company ceased to be a shell company (as defined in Rule 12b-2 of the Exchange Act) as of the Closing.
  evidence_url: https://www.sec.gov/Archives/edgar/data/764630/000149315223009135/0001493152-23-009135-index.htm
- Material Agreements
  SHOREPOWER TECHNOLOGIES INC. entered into Agreement and Plan of Merger with Shurepower, LLC d/b/a Shorepower Technologies (effective 2022-11-23).
  - Action: entry
  - Agreement: merger
  - Counterparty: Shurepower, LLC d/b/a Shorepower Technologies
  - Effective: 2022-11-23
  source text: On November 23, 2022, the registrant, United States Basketball League, Inc. (“USBL” or the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a Shorepower Technologies (“Shorepower”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/764630/000149315223009135/0001493152-23-009135-index.htm
- Material Agreements
  SHOREPOWER TECHNOLOGIES INC. entered into Stock and Warrant Purchase Agreement with a number of purchasers (each, a “Subscriber”) valued at $660,000 (effective 2022-12-01).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: a number of purchasers (each, a “Subscriber”)
  - Value: $660,000
  - Effective: 2022-12-01
  source text: On December 1, 2022, a number of purchasers (each, a “Subscriber”) purchased from the Company pursuant to a Stock and Warrant Purchase Agreement an aggregate of 11,000,000 shares of Common Stock (the “PIPE Shares”), through the purchase of units at a price of $0.06 per unit
  evidence_url: https://www.sec.gov/Archives/edgar/data/764630/000149315223009135/0001493152-23-009135-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.