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WEST > SEC Filings for WEST > Form 8-K on 28-Jan-2014All Recent SEC Filings

Show all filings for ANDALAY SOLAR, INC.



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On January 22, 2014, Andalay Solar, Inc. (the "Company") entered into a Settlement of Potential Claims Agreement ("Agreement") with ASC Recap LLC
("ASC"). Pursuant to the Agreement, ASC has offered to purchase (and in one (1)
case has already purchased) approximately $3.7 million of the Company's prior debt owed to four creditors ("Creditors") for past due services at a substantial discount to face value to which the Company has agreed to issue to ASC certain shares of its common stock in a 3(a)(10) 1933 Act proceeding. The shares of common stock that the Company has agreed to issue to ASC in full payment for, and as a release of any debt it purchases from the Creditors, is anticipated to have, upon issuance, a market value equal to approximately 25% of the principal amount of the outstanding debt of the Company. In the case of the debt ASC already purchased from one (1) Creditor, the value of the stock that the Company agreed to issue was two hundred and fifty percent (250%) of the discounted purchase price ASC paid to purchase the debt from the Creditor, and approximately 25% of the original amount the Company owed to the Creditor. The stock to be issued by the Company and the purchase of the debt by ASC of the remaining three Creditors is subject to the acceptance of offers by the Creditors.

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