Netcapital issues 681,298 shares to two directors in exchange for canceling $90,204 of debt

Netcapital Inc.

Issued 239,274 shares to director Steven Geary at $0.1324/sh, canceling $31,680 of his outstanding debt.
Issued 442,024 shares to subsidiary director Paul Riss at $0.1324/sh, canceling $58,524 of his debt.
Shares are restricted under Rule 144; company received no cash proceeds.
Transaction priced at Nasdaq Minimum Price per Rule 5635(d); exempt from registration under Section 4(a)(2)/Rule 506.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Netcapital Inc. entered into Geary Purchase Agreement with Steven Geary valued at $31,680 (effective 2024-04-24).

Action: entry
Agreement: equity purchase
Counterparty: Steven Geary
Value: $31,680
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, Netcapital Inc. (the “ Company ”) entered into a Stock Purchase Agreement (the “ Geary Purchase Agreement ”) with Steven Geary, a member of the Company’s board of directors for the issuance and sale in a private placement (the “ Private Placement ”) of: 239,274 shares (the “ Geary Shares ”) of the Company’s common stock, par value $0.001 per share (“ Common Stock ”), at a price per share of $0.1324 (which price represents the “Minimum Price” under Nasdaq Rule 5635(d)), in consideration of Mr. Geary’s cancellation of $31,680 of outstanding indebtedness owed to him by the Company.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Netcapital Inc. entered into Riss Purchase Agreement with Paul Riss valued at $58,524 (effective 2024-04-24).

Action: entry
Agreement: equity purchase
Counterparty: Paul Riss
Value: $58,524
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, the Company entered into a Stock Purchase Agreement (the “ Riss Purchase Agreement ”) with Paul Riss, a member of the board of directors of Netcapital Funding Portal, Inc. which is a wholly-owned subsidiary of the Company for the issuance and sale in a private placement (the “ Private Placement ”) of: 442,024 shares (the “ Riss Shares ”) of the Company’s common stock, par value $0.001 per share (“ Common Stock ”), at a price per share of $0.1324 (which price represents the “Minimum Price” under Nasdaq Rule 5635(d)), in consideration of Mr. Riss’ cancellation of $58,524 of outstanding indebtedness owed to him by the Company.

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323 material agreements filed in the last 30 days. Browse all material agreements →

Netcapital Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-015972

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