UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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FOMO CORP. is referred to herein as “FOMO”, “the Company”, “we”, or “us”.
Item 1.02 Termination of a Material Definitive Agreement.
On December 31, 2021, FOMO advised the owners of LED Funding IV LLC (“LEDF”) and Lux Solutions LLC (“Lux”) that it would not be extending its Acquisition Agreements for both businesses due to market conditions in the U.S. and Puerto Rico and an inability to obtain funding for a 100% purchase of the entities, among other issues. The most original Agreement required the payment of $3 million cash, the issuance of $3 million in seller notes, consideration of six million dollars of equity and a credit line of up to $1 million. A proposed Amended Acquisition Agreement would require several hundred thousand dollars in cash to be paid to certain of the sellers, the issuance of several million dollars in seller notes, consideration of six million Series B Preferred shares convertible into six billion common shares of FOMO with a mandatory registration of some of said shares in 2022, and a credit line of up to $1 million. FOMO is in the process of raising capital to fund mergers and acquisitions and may consider revisiting a transaction or transactions with LEDF and/or Lux, subject to mutual agreement and negotiations, access to capital and market conditions.
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.
| FOMO CORP. | ||
| Date: January 4, 2022 | By: | /s/ Vikram Grover |
| Vikram Grover | ||
| Chief Executive Officer | ||