0001213900-21-004387.txt : 20210126 0001213900-21-004387.hdr.sgml : 20210126 20210126161429 ACCESSION NUMBER: 0001213900-21-004387 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20200629 FILED AS OF DATE: 20210126 DATE AS OF CHANGE: 20210126 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: MOCK LAWRENCE E, JR. CENTRAL INDEX KEY: 0001409641 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-38167 FILM NUMBER: 21554214 MAIL ADDRESS: STREET 1: ONE BUCKHEAD PLAZA STREET 2: 3060 PEACHTREE RD, SUITE 780 CITY: ATLANTA STATE: GA ZIP: 30305 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: American Virtual Cloud Technologies, Inc. CENTRAL INDEX KEY: 0001704760 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 1720 PEACHTREE STREET STREET 2: SUITE 629 CITY: ATLANTA STATE: GA ZIP: 30309 BUSINESS PHONE: 404-234-3098 MAIL ADDRESS: STREET 1: 1720 PEACHTREE STREET STREET 2: SUITE 629 CITY: ATLANTA STATE: GA ZIP: 30309 FORMER COMPANY: FORMER CONFORMED NAME: PENSARE ACQUISITION Corp DATE OF NAME CHANGE: 20170425 4 1 ownership.xml X0306 4 2020-06-29 0 0001704760 American Virtual Cloud Technologies, Inc. AVCT 0001409641 MOCK LAWRENCE E, JR. C/O AMERICAN VIRTUAL CLOUD TECHNOLOGIES 1720 PEACHTREE STREET, SUITE 629 ATLANTA GA 30309 1 0 1 0 Series A Convertible Debentures 3.45 2020-06-29 4 J 0 6305608.88 A 2020-04-07 Common Stock 1827712 26805608.88 I Please see footnotes Warrants 0.01 2020-06-29 4 J 0 630561 A 2020-04-07 2025-04-07 Common Stock 630561 2680561 I Please see footnote Series A-1 Convertible Debentures 3.45 2020-12-01 4 J 0 10000000 A 2020-12-01 Common Stock 2898550 10000000 I Please see footnotes Warrants 0.01 2020-12-01 4 J 0 1000000 A 2020-12-01 2025-12-01 Common Stock 1000000 1000000 I Please see footnote The following securities were transferred to SPAC Opportunity Partners, LLC ("SPAC Opps") by Pensare Sponsor Group, LLC ("Sponsor") on June 29, 2020 as repayment in full of an inter-company loan made to Sponsor by SPAC Opps: (i) $6,305,608.88 aggregate principal amount of Series A Convertible Debentures ("Debentures"), which are initially convertible into 1,827,712 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock"); and (ii) warrants to purchase 630,561 shares of Common Stock ("Warrants"). The reported securities were initially acquired by Sponsor on April 7, 2020. This Form 4 is being filed late due to an administrative error. The reported securities are directly held by SPAC Opps, an entity controlled by Navigation Capital Partners, Inc. ("Navigation Capital"). The Reporting Person is the sole shareholder of Navigation Capital and as a result, both the Reporting Person and Navigation Capital may be deemed to indirectly beneficially own the reported securities. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. The Debentures are immediately convertible at the option of the holder into shares of Common Stock at an initial conversion price of $3.45 per share. The Debentures are initially convertible into 1,827,712 shares of Common Stock, subject to adjustment. The Debentures bear interest at a rate of 10% per annum, payable quarterly on the last day of each calendar quarter in the form of additional Debentures, except upon maturity in which case accrued and unpaid interest is payable in cash. The entire principal amount of the Debentures, together with accrued and unpaid interest thereon, is due and payable on the earlier of (i) such date, commencing on or after October 7, 2022, as the holder thereof, at its sole option, upon not less than 30 days' prior written notice to the Issuer, demands payment thereof and (ii) the occurrence of a Change in Control (as defined in the Debentures). (continued to footnote 4) (continued from footnote 3) The Debentures are convertible, in whole or in part, at any time at the option of the holder thereof into that number of shares of Common Stock calculated by dividing the principal amount being converted, together with all accrued but unpaid interest thereon, by the applicable conversion price, initially $3.45. The conversion price is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and is also subject to price-based adjustment, on a "full ratchet" basis, in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for, Common Stock at a price below the then-applicable conversion price (subject to certain exceptions). The Debentures are subject to mandatory conversion if the closing price of the Common Stock exceeds $6.00 for any 40 trading days within a consecutive 60 trading day-period, subject to the satisfaction of certain other conditions. The Warrants are immediately exercisable, have an exercise price of $0.01 per whole share and expire on April 7, 2025. The number of shares issuable upon exercise of the Warrants is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like. Includes (i) $20,000,000 aggregate principal amount of Debentures held directly by Stratos Management Systems Holdings LLC ("Holdings"), that may be deemed to be indirectly beneficially owned by the Reporting Person, as described in the Reporting Person's Form 4/A filed on November 6, 2020, and (ii) $500,000 aggregate principal amount of Debentures held directly by Nobadeer LP ("Nobadeer"), that may be deemed to be indirectly beneficially owned by the Reporting Person, as described in the Reporting Person's Form 4 filed on April 9, 2020. The Reporting person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. Includes (i) 2,000,000 Warrants held directly by Holdings, that may be deemed to be indirectly beneficially owned by the Reporting Person, as described in the Reporting Person's Form 4/A filed on November 6, 2020, and (ii) 50,000 Warrants held directly by Nobadeer, that may be deemed to be indirectly beneficially owned by the Reporting Person, as described in the Reporting Person's Form 4 filed on April 9, 2020. The Reporting person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. On December 1, 2020, SPAC Opportunity Partners Investment Sub, LLC ("Investment Sub") purchased 10,000 units of the Issuer's securities at a price of $1,000 per unit, pursuant to that certain securities purchase agreement, dated as of December 1, 2020, by and among Investment Sub, the Issuer and the other parties specified therein, with each unit consisting of (i) $1,000 in principal amount of the Issuer's Series A-1 convertible debentures and (ii) one warrant to purchase 100 shares of Common Stock. Investment Sub will have the right to the full underlying share amount when the Issuer obtains the requisite stockholder approval to issue the full amount of underlying shares. Investment Sub is a direct wholly-owned subsidiary of SPAC Opps, and as a result, SPAC Opps, Navigation Capital and the Reporting Person may be deemed to indirectly beneficially own the reported securities. The Reporting Person disclaims beneficial ownership of such securities to the extent of his pecuniary interest therein. The expiration date is the date that the principal amount of the Series A-1 convertible debenture (together with all accrued but unpaid interest thereon) is paid in full, subject to mandatory conversion in whole pursuant to the terms thereof. The entire principal sum amount of the Series A-1 convertible debenture, together with accrued and unpaid interest thereon, is due and payable on the earlier to occur of (i) such date, commencing on or after the 30 month anniversary of December 1, 2020, as the holder, at its sole option, upon not less than 30 days' prior written notice to the Issuer, demands payment thereof and (ii) the occurrence of a Change in Control (as defined therein). /s/ Lawrence E. Mock 2021-01-26