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CCGI > SEC Filings for CCGI > Form 8-K on 9-Nov-2012All Recent SEC Filings

Show all filings for CAR CHARGING GROUP, INC.

Form 8-K for CAR CHARGING GROUP, INC.


9-Nov-2012

Entry into a Material Definitive Agreement, Unregistered Sale of Equity


Item 1.01 Entry Into A Material Definitive Agreement.

Offering

On October 25, 2012, Car Charging Group, Inc. (the "Company") completed a closing ( the "Initial Closing") under a private offering (the "Offering") with certain investors (the "Purchasers"), selling 500,000 shares of its common stock (the "Shares") and warrants to purchase 500,000 shares of its common stock (the "Warrants") for proceeds to the Company of $500,000. The Company intends to have further closings on a rolling basis to complete the Offering.

Purchase Agreement

On October 24, 2012, in connection with the Offering, the Company and the Purchaser entered into a Subscription Agreement evidencing such Purchaser's investment (collectively, the "Purchase Agreement").

The foregoing descriptions of the terms of the form of Purchase Agreement are qualified in their entirety by reference to the provisions of the agreement filed as Exhibit 10.1 to this Current Report on Form 8-K (this "Report"), which is incorporated by reference herein.

Warrants

The Warrants are exercisable for a period of three years from the original issue date. The exercise price for the Warrants is $2.25. The exercise price of the Warrants is subject to adjustment upon certain events, such as stock splits, combinations, dividends, distributions, reclassifications, mergers or other corporate change and dilutive issuances. Additionally, the Warrants contains piggyback registration rights for the shares of common stock underlying the Warrants.

The foregoing descriptions of the terms of the form of Warrant is qualified in their entirety by reference to the provisions of the agreements filed as Exhibit 4.1 to this Report, which is incorporated by reference herein.



Item 3.02 Unregistered Sales of Equity Securities.

Reference is made to the disclosure set forth under Items 1.01 of this Report, which disclosure is incorporated herein by reference.

The sale and the issuance of the Shares and the Warrants were offered and sold in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended (the "Securities Act"), Rule 506 of Regulation D promulgated under the Securities Act ("Regulation D") and/or Regulation S promulgated under the Securities Act ("Regulation S"). We made this determination based on the representations of each Purchaser which included, in pertinent part, that each such Purchaser was (a) an "accredited investor" within the meaning of Rule 501 of Regulation D, (b) a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act or (c) not a "U.S. person" as that term is defined in Rule 902(k) of Regulation S and upon such further representations from each Purchaser that (i) such Purchaser is acquiring the securities for his, her or its own account for investment and not for the account of any other person and not with a view to or for distribution, assignment or resale in connection with any distribution within the meaning of the Securities Act, (ii) the Purchaser agrees not to sell or otherwise transfer the purchased shares unless they are registered under the Securities Act and any applicable state securities laws, or an exemption or exemptions from such registration are available, (iii) the Purchaser has knowledge and experience in financial and business matters such that he, she or it is capable of evaluating the merits and risks of an investment in us, (iv) the Purchaser had access to all of our documents, records, and books pertaining to the investment and was provided the opportunity to ask questions and receive answers regarding the terms and conditions of the offering and to obtain any additional information which we possessed or were able to acquire without unreasonable effort and expense, and (v) the Purchaser has no need for the liquidity in its investment in us and could afford the complete loss of such investment. In addition, there was no general solicitation or advertising for securities issued in reliance upon Regulation D.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.   Description
    4.1       Form of Warrant

   10.1       Form of Subscription Agreement


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