Avant Technologies Reports Agreement Termination & Officer Changes
Ticker: AVAI · Form: 8-K · Filed: Sep 10, 2024 · CIK: 1740797
| Field | Detail |
|---|---|
| Company | Avant Technologies Inc. (AVAI) |
| Form Type | 8-K |
| Filed Date | Sep 10, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $2,200,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, management-change, corporate-action
TL;DR
Avant Tech terminated a big deal and swapped some execs. Big changes coming?
AI Summary
Avant Technologies, Inc. filed an 8-K on September 10, 2024, reporting the termination of a material definitive agreement and changes in directors and officers. The filing also includes financial statements and exhibits. The company was formerly known as Trend Innovations Holding Inc. and Freecook.
Why It Matters
This filing indicates significant corporate actions, including the end of a key agreement and potential shifts in leadership, which could impact the company's future operations and strategic direction.
Risk Assessment
Risk Level: medium — The termination of a material definitive agreement and changes in directors/officers suggest potential instability or strategic shifts that could pose risks.
Key Players & Entities
- AVANT TECHNOLOGIES, INC. (company) — Registrant
- September 9, 2024 (date) — Earliest event reported
- September 10, 2024 (date) — Date of report
- TREND INNOVATIONS HOLDING INC. (company) — Former company name
- FREECOOK (company) — Former company name
FAQ
What was the material definitive agreement that was terminated?
The filing does not specify the details of the material definitive agreement that was terminated.
When was the material definitive agreement terminated?
The filing reports the termination of a material definitive agreement as an event occurring on or about September 9, 2024.
Were there any changes in the company's directors or officers?
Yes, the filing indicates changes related to the departure of directors or certain officers, election of directors, and appointment of certain officers.
What is Avant Technologies, Inc.'s state of incorporation?
Avant Technologies, Inc. is incorporated in Nevada.
What were Avant Technologies, Inc.'s former names?
Avant Technologies, Inc. was formerly known as Trend Innovations Holding Inc. and Freecook.
Filing Stats: 740 words · 3 min read · ~2 pages · Grade level 11.9 · Accepted 2024-09-10 16:18:13
Key Financial Figures
- $2,200,000 — n, Avant had agreed to pay Wired4Health $2,200,000, partially through a secured promissory
Filing Documents
- avai_8k.htm (8-K) — 29KB
- exhibit10_1.htm (EX-10.1) — 13KB
- 0001740797-24-000047.txt ( ) — 211KB
- avai-20240909.xsd (EX-101.SCH) — 3KB
- avai-20240909_lab.xml (EX-101.LAB) — 33KB
- avai-20240909_pre.xml (EX-101.PRE) — 22KB
- avai_8k_htm.xml (XML) — 3KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. On September 9, 2024, Avant Technologies, Inc. (the "Company" or "Avant") entered into a Cancellation Agreement with Wired4Health, Inc. ("W4H"), a Florida corporation, mutually agreeing to terminate the Asset Purchase Agreement ("APA") dated April 5, 2024, between the two parties. -Background: The APA, originally executed on April 5, 2024, between Avant and Wired4Health, pertained to the acquisition of certain technology assets, including agreements with Sentry Data Systems/Craneware, Respec, Inc., and other intellectual property rights related to Wired4Health's business operations. In consideration for the acquisition, Avant had agreed to pay Wired4Health $2,200,000, partially through a secured promissory note and preferred stock. -Terms of the Cancellation Agreement: As of September 9, 2024, both parties agreed to cancel and nullify the original APA under the following terms: 1. Termination of the Original Agreement: The APA dated April 5, 2024, is terminated in its entirety. Any obligations under the Secured Promissory Note and related Security Agreement are rendered null and void; 2. Retention of Payments: Any payments already made by Avant in the ordinary course of business toward the promissory note are retained by Wired4Health, with the remaining balance of the promissory note deemed void and unenforceable; 3. Release of Claims: Both Avant and Wired4Health have mutually released and discharged each other from any claims, liabilities, or demands related to the APA. Neither party shall have any further obligations or claims against the other; 4. Voidance of Instruments: The Secured Promissory Note and any other instruments associated with the APA are void and have no further legal effect; 5. No Further Obligations: The parties have agreed that there are no further penalties, remedies, or obligations due to either party following the cancellation of the APA. Item 5.02 Departure of Directo
01 Financial Statements
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Cancellation Agreement between Avant Technologies, Inc. and Wired4Health, Inc. dated September 9, 2024
SIGNATURES
SIGNATURES In accordance with the requirements of the Securities Act of 1933, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: September 10, 2024 AVANT TECHNOLOGIES, INC. By: /s/ Vitalis Racius Name: Vitalis Racius Title: Chief Operating Officer, Director & Treasurer