false 0001704795 0001704795 2024-12-24 2024-12-24

 

 

 

 

 

Date of Report (Date of earliest event reported): December 24, 2024

 

(Exact name of registrant as specified in its charter)

 

 

(Address of principal executive offices) (Zip Code)

 

(Registrant’s telephone number, including area code)

 

(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 (see General Instruction A.2. below):

 

 

Securities registered pursuant to Section 12(b) of the Act: Not applicable.

 

 

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.  ☐

 

 

 

On December 18, 2024, Bantec, Inc. (the “Company”) consented to an Assignment Agreement between Trillium Partners LP (“Trillium”) and Matterhorn Partners LLC (“Matterhorn”).

 

 

On December 18, 2024, the Company consented to an Assignment Agreement entered into between Trillium and Matterhorn wherein Trillium assigned certain outstanding Company securities and debt obligations (“Securities”) held by Trillium to Matterhorn for cash consideration to Trillium. The assigned Securities included the following: (i) the advance agreement and underlying promissory note (the “Note”) issued by Company to the Trillium dated July 1, 2022 for money lent, with a balance equal to $276,444.95, inclusive of interest (the advance agreement and the Note collectively referred to as the “Note”); (ii) 224,000 shares of Series C Preferred Stock issued to the Trillium on April 18, 2023 (“Preferred Shares”) with a stated value of $348,555.05, inclusive of accrued dividends; and (iii) a warrant to purchase 10,836,962 shares of the Company’s common stock issued to the Trillium on July 21, 2022, as adjusted by the Company’s reverse stock split effective July 17, 2023, and further adjusted pursuant to antidilution provisions set forth in the warrant.

 

In connection with the Assignment Agreement, the Company exchanged the Note and the Preferred Shares and issued an amended and restated convertible promissory note to Matterhorn in the principal amount of $625,000 (“Restated Note”). The Restated Note is convertible into the Company’s common stock per the terms of the Restated Note.

 

 

 

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

 

 

 

 

 

 

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.