Item 1.01 Entry into a Material Definitive Agreement.
On December 30, 2022, Mobiquity Technologies, Inc. ("Company"), and Walleye
Opportunities Master Fund Ltd, a Cayman Islands company (the "Investor"),
entered into a Securities Purchase Agreement (the "Agreement") for the Investor
to purchase from the Company (i) a senior secured 20% OID nine-month promissory
note in an aggregate original principal amount of $1,437,500 in the form set
forth in exhibit 10.2 (the "Investor Note"), and (ii) a warrant to purchase
shares of the Company's common stock, par value $0.0001 per share ("Common
Stock") in the form set forth in exhibit 10.3, which is not exercisable until
July 1, 2023 (the "Investor Warrant"). A total of 522,727 shares of Common
Stock, or approximately 5.3% of the Company's outstanding shares of Common
Stock, were issued to the Investor as an incentive on the transaction, excluding
the above referenced Investor Warrant, the shares of Common Stock exercisable
pursuant to such Investor Warrant not being considered beneficially owned by the
Investor until the Investor Warrant is exercisable within 60 days. A fee of
$103,500 plus warrants to purchase 26,136 shares of Common Stock exercisable at
$0.484 per share were issued to Spartan Capital Securities LLC. Approximately
$163,000 of the loan proceeds were utilized to retire a small business loan
originally in the principal amount of $150,000. The Investor Note will only
become convertible into Common Stock upon the occurrence of an Event of Default
under and as defined in the Investor Note on terms set forth in the Investor
Note. The Company granted a security interest in all of its assets to the
Investor as collateral for its obligations under the Investor Note pursuant to a
Security Agreement in the form set forth in exhibit 10.4 (the "Security
Agreement"). In addition, the Company's subsidiaries guaranteed the obligations
of the Company under the Investor Note pursuant to a Subsidiary Guarantee in the
form set forth in exhibit 10.5 (the "Subsidiary Guarantee") and granted a first
lien security interest in all of their assets to the Investor as additional
collateral pursuant to the Security Agreement. All securities sold in the above
described transaction contain certain piggy-back registration rights. For
additional information on the terms of this transaction, reference is made to
the exhibits filed to this Form 8-K.
Item 3.02 Unregistered Sales of Equity Securities.
The information required in this item 3.02 can be found under item 1.01 above
and such information is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are filed herewith this Form 8-K:
Exhibit No. Description
10.1 Stock Purchase Agreement dated as of December 30, 2022
10.2 Investor Note (included as Annex A to exhibit 10.1)
10.3 Investor Warrant (included as Annex B to exhibit 10.1)
10.4 Subsidiary Guarantee (included as Annex D to exhibit 10.1)
10.5 Security Agreement (included as Annex E to exhibit 10.1)
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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