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KULR Technology | 8-K: Current report

SEC announcement ·  Jun 3 20:05
Summary by Futu AI
On June 3, 2024, KULR Technology Group, Inc., a sustainable energy management company, announced the expiration of its Standby Equity Purchase Agreement (SEPA) with YA II PN, Ltd., also known as Yorkville. The SEPA, which allowed KULR to sell shares to Yorkville, ended on June 1, 2024, with no outstanding obligations or shares to be issued. KULR also confirmed the retirement of all outstanding debt to Yorkville, marking a significant financial milestone. Additionally, the company disclosed compliance with NYSE American LLC Company Guide Section 610(b) regarding its audit opinion, which contains a going concern qualification. This disclosure follows the annual report filed on April 12, 2024, and does not reflect any changes to the audited financial statements or the annual report for the year ended December 31, 2023. KULR's CFO, Shawn Canter, highlighted the company's improved balance sheet and reduced cash consumption, noting efforts such as the CEO's salary reduction in exchange for equity. The announcement emphasizes KULR's commitment to a stronger financial position and operational efficiency.
On June 3, 2024, KULR Technology Group, Inc., a sustainable energy management company, announced the expiration of its Standby Equity Purchase Agreement (SEPA) with YA II PN, Ltd., also known as Yorkville. The SEPA, which allowed KULR to sell shares to Yorkville, ended on June 1, 2024, with no outstanding obligations or shares to be issued. KULR also confirmed the retirement of all outstanding debt to Yorkville, marking a significant financial milestone. Additionally, the company disclosed compliance with NYSE American LLC Company Guide Section 610(b) regarding its audit opinion, which contains a going concern qualification. This disclosure follows the annual report filed on April 12, 2024, and does not reflect any changes to the audited financial statements or the annual report for the year ended December 31, 2023. KULR's CFO, Shawn Canter, highlighted the company's improved balance sheet and reduced cash consumption, noting efforts such as the CEO's salary reduction in exchange for equity. The announcement emphasizes KULR's commitment to a stronger financial position and operational efficiency.
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