UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 11, 2019

 

2050 MOTORS, INC.

(Exact name of Registrant as specified in its Charter)

 

California   001-13126   83-3889101
(State or other jurisdiction
of incorporation) 		 

(Commission

File No.)

 

(IRS Employer

Identification No.)

 

25 N River Lane Suite 2050, Geneva, IL 60134

(Address of principal executive offices)

 

(630) 708-0750

(Registrant’s Telephone Number)

 

 

(Former name or address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) [X]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [X]

 

2050 Motors, Inc. is referred to herein as “we”, “us”, or “us”

 

 

 

     
 

 

ITEM 8.01 Other Events

 

On August 11, 2019, 2050 Motors, Inc. pursuant to its Board of Directors approved a repurchase program to buy back up to 300 million common shares over the next year. Any shares purchased will be retired to Treasury, which will reduce the corresponding number of common shares from the outstanding total share pool. The Company is in the process of opening up trading accounts at multiple brokerage firms to be able to conduct such business and anticipates such accounts will be approved within several business days.

 

Item 9.01. Exhibits

 

(a) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:

 

Exhibit No.   Description
10.1   Board Resolution – 300MM Share Buyback August 11, 2019

 

     
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  2050 MOTORS, INC.
     
Date: August 19, 2019 By: /s/ Vikram Grover
    Vikram Grover
    Chief Executive Officer

 

     
 

 

 

UNANIMOUS RESOLUTION OF THE BOARD OF DIRECTORS OF 2050 MOTORS, INC.

 

Pursuant to the provisions of California Corporation law, as amended, and the Certificate of Incorporation and By-Laws of 2050 Motors, Inc., a California corporation (the “Company”), the undersigned Director(s) approve(s) the repurchase of 300,000,000 common shares of the Company’s stock on the open market or through privately negotiated transactions over a period of one year.

 

The undersigned represents the sole Director of the corporation. The vote of Directors voting in favor of the repurchase program was unanimous. The vote was conducted at a Special Meeting of the Board of Directors at 5:00am CT on August 11, 2019.

 

WHEREAS, the majority of the Board of Directors of the Company believes it is in the best interests of the Company to authorize the repurchase of up to 300,000,000 common shares to protect the interests of shareholders.

 

NOW THEREFORE BE IT RESOLVED THAT:

 

RESOLVED, that the Board of Directors of the Company hereby approves the repurchase of up to 300,000,000 common shares.

 

RESOLVED, that any of the Executive Officers of the Company are hereby authorized and directed for and on behalf of the Company to do and perform all acts and things and execute and deliver all documents and take all such other steps as may be necessary or desirable to give full effect to the consent resolutions set forth above.

 

 
Vikram Grover, Sole Director