UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): May 1, 2025
Now Corp I
(Exact name of registrant as specified in its charter)
Wyoming | 000-28379 | 88-0395372 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
109 East 17th Street, Suite 80 | |
Cheyenne, WY | 82001 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (310) 714-2950
Not Applicable
(Former name or former 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:
☐ | 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)) |
Securities registered pursuant to Section 12(b) of the Act:
Trading | ||
Title of each class | Symbol(s) | Name of each exchange on which registered |
Common Stock | NWPN | OTCPK |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
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. ☐
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On May 1, 2025, Arowana Media Holdings Inc. (the “Company”),
through its then-Chief Executive Officer Mark Newbauer, entered into a Purchase and Sale Agreement (the “Agreement”) with
The Now Corporation, a Wyoming corporation (the “Seller”), pursuant to which the Company acquired 100% of the outstanding
shares of M Love Vintage Holdings Inc., a Wyoming company (“M Love”).
As consideration, the Company agreed to issue 1,000,000 Convertible Series N Preferred Shares carrying 1,000,000 votes per share and convertible
into 1,000,000 shares of common stock. These shares are not subject to dilution, reverse split effects, and impose a 4.9% beneficial ownership
cap on non-director conversions.
Preferred Share allocations include:
- The Now Corporation: 65.7%
- McCants Investments Group LLC: 4.9%
- Posner Land LLC: 4.9%
- Mark Newbauer: 4.9%
- Paul Khan: 4.9%
- Legion Financial Consulting Group Ltd.: 4.9%
- Branalex Financial Group Inc.: 4.9%
- Maddy’s Legacy: 4.9%
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
On May 1, 2025, the Company completed its acquisition of M Love Vintage Holdings Inc., resulting in full ownership of the company.
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
The issuance of the Convertible Series N Preferred Shares was made pursuant to exemptions under Section 4(a)(2) and/or Rule 506(b) of Regulation D. All securities were issued to accredited or qualified investors without public solicitation.
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ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; APPOINTMENT OF CERTAIN OFFICERS
Effective May 1, 2025:
- Mark Newbauer resigned from all roles, including Chief Executive Officer and Director. His resignation was not due to any disagreement.
- Alfredo Papadakis was appointed Chairman of the Board and CEO.
- Chris Villareale was appointed President.
Mr. Newbauer received 4.9% of the Preferred Shares, all existing subsidiaries of the Company (free of liabilities), and $100,000 payable
within 30 days following SEC qualification of the Company’s Form S-1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) | Exhibits |
Exhibit Number |
Description | |
10.1 | Purchase and Sale Agreement | |
99.1 | Board Resolution | |
99.2 | Resignation Letter of Mark Newbauer | |
104 | Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document |
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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.
AROWANA MEDIA HOLDINGS, INC. | ||
Date: May 2, 2025 |
By: | /s/ Alfredo Papadakis |
Name: | Alfredo Papadakis | |
Title: | Chief Executive Officer (as of date of execution) |
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Exhibit 10.1
PURCHASE AND SALE AGREEMENT
("Agreement")
This Purchase and Sale Agreement (“Agreement”) is made and entered into effective as of May 1st, 2025 (the “Effective Date”), by and between:
The Now Corporation, a Wyoming Corporation (“Seller”),
and
Arowana Media Holdings Inc., a Delaware corporation (“Buyer”).
Seller and Buyer are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”
1. SALE OF M LOVE VINTAGE HOLDINGS INC.
1.1 Transfer of Ownership. Subject to the terms and conditions set forth herein, Seller hereby agrees to sell, assign, and transfer to Buyer, and Buyer hereby agrees to purchase from Seller, all of Seller’s right, title, and interest in and to one hundred percent (100%) of the shares of M Love Vintage Holdings Inc., a Wyoming company (the “Company” or “M Love”).
1.2 Consideration. As full and complete consideration for the purchase of the M Love, Buyer shall issue a new control block of Preferred Shares (the “Preferred Shares”) of Buyer which shall represent a controlling voting interest in Buyer. The Preferred Shares shall be allocated as follows:
- The Now Corporation: 65.7%
- McCants Investments Group LLC: 4.9%
- Posner Land LLC:4.9%
- Mark Newbauer: 4.9%
- Paul Khan: 4.9%
- Legion Financial Consulting Group Ltd.: 4.9%
- Branalex Financial Group Inc.: 4.9%
- Maddy’s Legacy: 4.9%
1.3 Designation of Preferred Shares. The Preferred Shares to be issued as part of this transaction shall consist of 1,000,000 shares designated as Convertible Series N Preferred Shares, par value $0.001 per share, which shall have the following rights:
- Each Convertible Series N Preferred Share shall carry 1,000,000 votes on all matters submitted to the stockholders of the Company.
- Each Convertible Series N Preferred Share shall be convertible into 1,000,000 shares of common stock, on a 1:1,000,000 basis, without adjustment.
- The Convertible Series N Preferred Shares shall not be subject to dilution.
- The Convertible Series N Preferred Shares shall not be subject to any adverse effects resulting from any reverse stock splits.
- Holders of the Convertible Series N Preferred Shares who are not directors may convert only to the extent that, after conversion, they do not beneficially own more than 4.9% of the then-outstanding common stock.
- Fractional votes shall not be permitted and any resulting fractional rights shall be rounded to the nearest whole number.
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2. MANAGEMENT AND CORPORATE CHANGES
2.1 Resignation of Current Management. Effective as of the Closing, Mark Newbauer shall resign from all positions as an officer and director of Buyer.
2.2 Appointment of New Management. Effective as of the Closing, Alfredo Papadakis shall be appointed as Chairman of the Board of Directors and Chris Villareale shall be appointed as President of Buyer.
3. COMPENSATION TO MARK NEWBAUER
3.1 In consideration for his past year of service to Buyer, and subject to the Closing:
a) Buyer shall issue to Mark Newbauer 4.9% of the newly issued Preferred Shares referenced in Section 1.2 above;
b) Buyer shall assign and transfer to Mark Newbauer or his designee all existing subsidiaries of Buyer, free and clear of all liabilities (unless otherwise agreed);
c) Buyer shall pay to Mark Newbauer one hundred thousand U.S. Dollars (US$100,000), payable thirty (30) days following the qualification of Buyer’s Form S-1 Registration Statement by the U.S. Securities and Exchange Commission.
4. CONSULTANT SHARE ALLOCATIONS
4.1 The following parties shall receive Preferred Shares, as set forth in Section 1.2, as consultants for the acquisition, to assist in the transition of the acquisition for a period of three (3) months from the execution of this Agreement:
- Paul Khan: 4.9%
- Legion Financial Consulting Group Ltd.: 4.9%
- Branalex Financial Group Inc.: 4.9%
- Maddy’s Legacy: 4.9%
5. REPRESENTATIONS AND WARRANTIES
5.1 Seller’s Representations and Warranties. Seller represents and warrants to Buyer that:
a) They are the sole legal and beneficial owner of all the shares of M Love, free and clear of any liens, claims, or encumbrances;
b) They have full power and authority to execute and deliver this Agreement and to consummate the transaction contemplated hereby;
c) The execution and delivery of this Agreement will not result in any breach or violation of any agreement, law, or regulation applicable to Seller.
5.2 Buyer’s Representations and Warranties. Buyer represents and warrants to Seller that:
a) Buyer is duly organized, validly existing, and in good standing under the laws of the State of Delaware;
b) Buyer has the requisite corporate authority to enter into this Agreement and to issue the Preferred Shares as contemplated herein;
c) The execution and delivery of this Agreement and the issuance of the Preferred Shares have been duly authorized by all necessary corporate action.
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6. CLOSING
6.1 Closing Date. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place on May 1st, 2025, or such other date as the Parties may mutually agree in writing.
6.2 Deliveries at Closing. At the Closing:
a) Seller shall deliver to Buyer evidence of ownership of M Love, along with any required instruments of transfer, duly endorsed for transfer to Buyer;
b) Buyer shall deliver confirmation of the issuance of the Preferred Shares as provided in Section 1.2;
c) Mark Newbauer shall deliver a signed resignation as officer and director of Buyer;
d) Buyer shall deliver formal documentation appointing the Officer and Director as outlined in Section 2.2.
7. MISCELLANEOUS
7.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to conflict of law principles.
7.2 Entire Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof and supersedes all prior oral or written agreements.
7.3 Amendments. No amendment, modification, or waiver of any provision of this Agreement shall be binding unless in writing and signed by both Parties.
7.4 Counterparts. This Agreement may be executed in one or more counterparts (including via electronic means), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date first written above.
SELLER
By: /s/ Alfredo Papadakis
Alfredo Papadakis, CEO
The Now Corporation
BUYER
Arowana Media Holdings Inc.
By: /s/ Mark Newbauer
Name: Mark Newbauer
Title: Chief Executive Officer
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Exhibit 99.1
Board Resolution – Appointment of Officers and Directors
BOARD RESOLUTION OF AROWANA MEDIA HOLDINGS INC.
A Delaware Corporation
Effective Date: May 1st, 2025
The undersigned, being all members of the Board of Directors of Arowana Media Holdings Inc., a Delaware corporation (the “Company”), pursuant to the applicable laws of the State of Delaware and the Bylaws of the Company, hereby adopt the following resolutions by unanimous written consent:
WHEREAS, the Company has entered into a Purchase and Sale Agreement (the “Agreement”) with The Now Corporation (the “Seller”), dated effective as of May 1st, 2025, under which the Company has acquired 100% of the shares of M Love Vintage Holdings Inc.; and
WHEREAS, in accordance with the Agreement, the resignation of Mark Newbauer as officer and director of the Company shall take effect as of the Closing; and
WHEREAS, the Board of Directors deems it to be in the best interests of the Company to appoint a new officer and director as set forth in the Agreement;
NOW, THEREFORE, BE IT RESOLVED, that the Board hereby accepts the resignation of Mark Newbauer from all positions as an officer and director of the Company, effective as of the Closing Date; and
FURTHER RESOLVED, that the following individuals are hereby appointed to the positions indicated below, to serve until their successors are duly appointed and qualified or until their earlier resignation or removal:
· | Alfredo Papadakis – Chairman of the Board of Directors | |
· | Chris Villareale – President |
FURTHER RESOLVED, that the officers and directors so appointed shall have the authority to take all actions necessary and appropriate to carry out their duties on behalf of the Company.
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IN WITNESS WHEREOF, the undersigned have executed this resolution as of the Effective Date first written above.
/s/ Mark Newbauer
Mark Newbauer, Sole Director
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Exhibit 99.2
Resignation Letter – Mark Newbauer
May 1st, 2025
To: The Board of Directors Arowana Media Holdings Inc.
Re: Resignation as Officer and Director
Dear Members of the Board,
Effective as of the Closing of the Purchase and Sale Agreement dated April 25th, 2025, I hereby resign from all positions I currently hold with Arowana Media Holdings Inc., including, but not limited to, my roles as Chief Executive Officer, member of the Board of Directors, and any other officer, director, or agent capacity with the Company.
This resignation is tendered in accordance with the provisions of the aforementioned Agreement and is not the result of any dispute or disagreement with the Company or its Board of Directors.
It has been an honor to serve, and I wish the Company continued success in its future endeavors.
Sincerely,
/s/ Mark Newbauer
Mark Newbauer