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ADMP > SEC Filings for ADMP > Form 8-K on 1-Apr-2014All Recent SEC Filings




Entry into a Material Definitive Agreement, Creation of a Direct Fina

Item 1.01 Entry Into a Material Definitive Agreement.

As previously disclosed on a Current Report on Form 8-K filed January 4, 2013, Adamis Pharmaceuticals Corporation (the "Company") entered into a convertible promissory note (the "Note") with Robert Noel Robinson (the "Lender") in an aggregate principal amount of $600,000. The Note was initially convertible into shares of the Company's common stock at any time at the discretion of the Lender at an initial conversion price per share of $9.35, giving effect to the Company's 1-for-17 reverse stock split of the outstanding common stock effected in December 2013. Effective June 25, 2013, the Company and the Lender entered into a Consent, Waiver and Amendment Regarding Convertible Promissory Note which, among other things, amended the maturity date of the Note to be March 26, 2014.

Effective March 26, 2014, the Company and the Lender entered into an amendment to the Notes pursuant to which the maturity date of the Note was amended to be June 30, 2014, and the conversion price was reduced to be $6.00 per share. In addition, the Company agreed that until the earlier to occur of the maturity date or the payment or conversion of the Note, the Company will not enter into any arrangement that contains any restriction on the Company's payment of any principal and interest balance of the Note on the maturity date or incur any senior secured indebtedness that results in the Note being subordinated in right of payment to such other indebtedness. Interest will continue to accrue and be paid on the Note until is paid or converted into common stock. No other changes were made to the Note or agreements relating to the Note.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in response to Item 1.01 of this report is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Number    Description

 10.1       Amendment to Convertible Promissory Note dated March 26, 2014

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