Innovative Payment Solutions Reports Key Corporate Events

TL;DR

IPS filed an 8-K on 7/31 detailing material agreements and exec changes from 7/25.

AI Summary

Innovative Payment Solutions, Inc. filed an 8-K on July 31, 2024, reporting on several key events that occurred on July 25, 2024. These include entering into a material definitive agreement, changes in directors and officers, and other events. The filing also lists financial statements and exhibits.

Why It Matters

This filing signals significant corporate actions, including potential new agreements and changes in leadership, which could impact the company's strategic direction and operational stability.

Risk Assessment

Risk Level: medium — The filing indicates material definitive agreements and changes in officers/directors, which can introduce uncertainty and potential shifts in strategy.

Key Players & Entities

• Innovative Payment Solutions, Inc. (company) — Registrant
• July 31, 2024 (date) — Filing Date
• July 25, 2024 (date) — Earliest Event Date

FAQ

Key Financial Figures

• $0.0001 — anding share of common stock, par value $0.0001 per share, of Business Warrior (" Busin

Filing Documents

• ea0210231-8k425_innov.htm (8-K) — 75KB
• ea021023101ex2-1_innov.htm (EX-2.1) — 293KB
• ea021023101ex10-1_innov.htm (EX-10.1) — 79KB
• ea021023101ex99-1_innov.htm (EX-99.1) — 26KB
• 0001013762-24-003218.txt ( ) — 750KB
• ipsi-20240725.xsd (EX-101.SCH) — 3KB
• ipsi-20240725_lab.xml (EX-101.LAB) — 33KB
• ipsi-20240725_pre.xml (EX-101.PRE) — 22KB
• ea0210231-8k425_innov_htm.xml (XML) — 3KB

02 Departure of Directors or Certain

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 25, 2024, IPSI's board of directors (the " Board "), pursuant to the powers of the Board provided for under applicable Nevada law and IPSI's bylaws (the " Bylaws "), approved the creation of the new officer position of Executive Chairman. The Board appointed William D. Corbett, the current Chairman of the Board of IPSI, to the office of Executive Chairman and removed Mr. Corbett as IPSI's Chief Executive Officer. On such date, the Board also approved the duties and responsibilities of the office of Executive Chairman. Also, on July 25, 2024, the Board, pursuant to the powers of the Board provided for under applicable Nevada law and the Bylaws, appointed Richard Rosenblum, the current President and Chief Financial Officer of IPSI, as IPSI's "principal executive officer" for all general corporate purposes and for Securities and Exchange Commission reporting purposes. The Board also, in furtherance of Mr. Rosenblum's appointment as principal executive officer of IPSI, elected to leave the office of Chief Executive Officer of IPSI unfilled. Duties and Responsibilities of IPSI's Executive Chairman As approved by the Board, the duties and responsibilities of the Executive Chairman are intended to be consultative in nature and include the following: 1. Chair annual and special meetings of the Board and annual stockholder meetings and, subject to availability and invitation, attend meetings of the committees of the Board; 2. Provide overall Board leadership and assist in the establishment of guiding principles for the Board; 3. Manage the affairs of the Board and facilitate Board action in each instance in such a manner that strategic, policy and other decisions of the Board are fully discussed, debated and decided by the Board; 4. In cooperation with the President and/or Chief Executive Officer, en

01 Other Information

Item 8.01 Other Information. On July 29, 2024, IPSI and Business Warrior issued a joint press release (the " Press Release ") announcing the execution of the Merger Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 8.01 and the Press Release are intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall the Press Release be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing. Additional Information and Where to Find It In connection with the Merger Agreement and the Transactions, IPSI intends to file a Registration Statement on Form S-4 with the Securities and Exchange Commission (" SEC "), which will include a prospectus and a preliminary proxy statement in connection with the Merger Agreement and the Transactions (the " Registration Statement "). The Registration Statement has not been filed with nor declared effective by the SEC. Promptly after the Registration Statement is declared effective by the SEC, IPSI will mail the definitive proxy statement and a proxy card to its stockholders. Investors and securityholders of IPSI and other interested persons are advised to read, when available, the preliminary proxy statement to be filed with the SEC, and amendments thereto, the definitive proxy proposed Transactions because these documents will contain important information. The definitive proxy statement will be mailed to stockholders of IPSI as of a record date to be established in the future for voting on the Merger Agreement and the Transactions. The Registration

Forward-Looking Statements

Forward-Looking Statements Certain from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact contained herein are forward-looking statements. Such forward-looking statements include, but are not limited to, expectations, hopes, beliefs, intentions, plans, prospects, financial results, or strategies regarding IPSI and Business Warrior, their respective businesses, the proposed merger and the future generally held by the respective management teams of IPSI and Business Warrior, the anticipated benefits and the anticipated timing of the proposed merger, future financial condition, and performance of IPSI and Business Warrior and expected financial impacts of the proposed merger (including future revenue, pro forma enterprise value and cash balance), the satisfaction of closing conditions to the proposed merger, financing transactions or recapitalizations related to the proposed merger, and the products and markets and expected future performance and market opportunities of IPSI and Business Warrior. These forward-looking statements generally are identified by the words "anticipate," "believe," "could," "expect," "estimate," "future," "intend," "may," "might," "strategy," "opportunity," "plan," "project," "possible," "potential," "project," "predict," "scales," "representative of," "valuation," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and un

View Full Filing

View this 8-K filing on SEC EDGAR