UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement
On February 11, 2024, Future FinTech Group, Inc., a Florida corporation (the “Company”) and Streeterville Capital, LLC, a Utah limited liability company (the “Lender”) entered into an Amendment (the “Amendment”) to Convertible Promissory Note (the “Note”) which was originally issued by the Company to the Lender on December 27, 2023, as disclosed in the Form 8-K of the Company filed on December 29, 2023.
Pursuant to the Amendment, the parties agree to amend the Note as follows: (i) to add a floor price of $0.2272 per share for the redemption conversion (the “Floor Price”); (ii) in the event the redemption conversion price with respect to any given redemption is below the Floor Price, then Company must pay the applicable redemption amount requested by the Lender in cash on or before the third trading day immediately following the applicable redemption date; (iii) delete the Lender’s rights to increase, decrease or waive the Maximum Percentage (defined below) in connection with Lender’s ownership limitation pursuant to which the Company will not effect any conversion of the Note to the extent that after giving effect to such conversion would cause the Lender to beneficially own a number of shares exceeding 9.99% of the number of shares of Common Stock of the Company outstanding on such date (including for such purpose the Common Stock issuable upon such issuance) (the “Maximum Percentage”).
The description contained herein of the terms of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Exhibit Title or Description | |
| 10.1 | Amendment to Convertible Promissory Note dated February 11, 2024. | |
| 104 | Cover Page Interactive Data File (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.
| Future FinTech Group Inc. | ||
| Date: February 14, 2024 | By: | /s/ Shanchun Huang |
| Name: | Shanchun Huang | |
| Title: | Chief Executive Officer and President | |
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