SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
July 24, 2020
Commission File Number 001-38308
Greenpro Capital Corp.
(Exact name of registrant issuer as specified in its charter)
or other jurisdiction of
incorporation or organization)
Room 1701-1703, 17/F.,
The Metropolis Tower,
10 Metropolis Drive, Hung Hom,
(Address of principal executive offices, including zip code)
Registrant’s phone number, including area code (852) 3111 -7718
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).
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. [ ]
Securities registered pursuant to Section 12(b) of the Act:
|Title of Each Class||Trading Symbol(s)||Name of Each Exchange on Which Registered|
|Common Stock, $0.0001 par value||GRNQ||NASDAQ Capital Market|
Item 1.02. Termination of a Material Definitive Agreement.
As previously disclosed on a Current Report on Form 8-K filed on June 19, 2020 by Greenpro Capital Corp. (the “Company”), the Company entered into a loan agreement (the “Loan Agreement”) dated June 15, 2020 with an institutional investor (the “Lender”) pursuant to which the Company will issue in a private placement a five (5) year convertible promissory note (the “Note”) in the principal amount of $5 million. Pursuant to the Loan Agreement, the Company will pay a coupon equal to 3% annually. At the maturity date, the Lender may (i) demand repayment of the unpaid principal and interest under the loan, or (ii) subject to the Company’s consent, elect to convert the unpaid principal and interest under the loan into restricted shares of the Company’s common stock. The conversion price will be based on the average of the closing price of the common stock of the Company as agreed upon between the Lender and the Company on the date of conversion. The Company intends to use the proceeds of the loan for commercial expansion and business development.
On July 24, 2020, the Company and the Lender mutually agreed to terminate the Loan Agreement. No penalties or fees were incurred by either party in connection with the termination.
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, thereunto duly authorized.
|GREENPRO CAPITAL CORP.|
|Date: July 24, 2020||By:||/s/ Lee Chong Kuang|
|Title:||President and Chief Executive Officer|