Item 1.01 Entry into a Material Definitive Agreement.
On
Pursuant to the Agreement, the parties will form a joint venture to develop and sell the Company's spider silk fibers under the new innovative apparel and fashion brand, trade named SpydaSilk™ and potential other trademarks to be announced. All intellectual property related to SpydaSilk™ will be jointly owned by the Company and Kings.
Under the terms of the Agreement, the Company granted the joint venture and the
SpydaSilk brand an exclusive geographic license to all the Company's
technologies for the
Upon commencement, in consideration for its ownership position in the joint venture, the Company shall issue 1,000,000 shares of its common stock to Kings.
The Agreement has a 60-month term, which can be terminated at any time by mutual agreement following a consultation period of 120 days, or such other period as agreed by the parties. If applicable, the parties will honor their share of committed expenditures of the joint venture and King will repay the Company any unused brand funds.
The foregoing description of the SPA and Amendment is qualified by reference to the full text of the SPA and Amendment, which are filed as Exhibit 10.1 and Exhibit 10.2, respectively hereto and incorporated herein by reference. Certain identified information has been excluded from the exhibit because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed; such information is noted with brackets in the exhibit.
Item 3.02. Unregistered Sales of
The disclosures set forth in Item 1.01 of this Current Report are incorporated by reference herein.
Item 8.01 Other Events.
The Company issued a press release on
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description 10.1 Strategic Partnership Agreement (portions of the exhibit have been omitted because they (i) are not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed) 10.2 Amendment (portions of the exhibit have been omitted because they (i) are not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed) 99.1 Press release
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