UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 3.02 of this Current Report on Form 8-K with respect to the offering of convertible promissory notes is incorporated by reference into Item 2.03 of this Current Report on Form 8-K.
Item 3.02 Issuance of Unregistered Securities
As previously disclosed on our Current Report on Form 8-K as filed with the Securities and Exchange Commission on October 4, 2022, the Board of Directors of Gaucho Group Holdings, Inc. (the “Company”) approved an offering of a series of 7% convertible promissory notes to accredited investors (the “Notes”) on October 4, 2022.
On October 19, 2022, the Board of Directors of the Company approved an increase to the maximum offering amount (inclusive of principal and interest) of up to $1.5 million, with an additional $3,571,429 raised assuming a conversion price of the Notes at $0.21 and exercise of all the warrants. All other terms of the Notes remain the same.
As of October 19, 2022, the Company had issued convertible promissory notes with an aggregate principal amount of $814,000.
For this sale of securities, there will be no general solicitation and no commissions will be paid, all purchasers must be accredited investors, and the Company is relying on the exemption from registration available under Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated under the Securities Act with respect to transactions by an issuer not involving any public offering. A Form D was filed with the SEC on October 19, 2022.
Item 8.01 Other Events.
The Company will be holding a special meeting of the stockholders on December 19, 2022 at 12:00 p.m. Eastern Time for purposes of complying with the Nasdaq Exchange Cap rule, via webcast at https://www.cstproxy.com/gauchogroupholdings/sm2022 (the “Special Meeting”). On or about November 8, 2022, a Notice of Special Meeting will be sent by the Company to all stockholders of record as of October 31, 2022, and the Company’s proxy statement and other meeting materials will be made available to all stockholders beginning November 8, 2022.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 4.1 | Form of Amended and Restated Promissory Note | |
| 4.2 | Form of Amended and Restated Warrant | |
| 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 caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 20th day of October 2022.
| Gaucho Group Holdings, Inc. | ||
| By: | /s/ Scott L. Mathis | |
| Scott L. Mathis, President & CEO | ||