UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
As previously disclosed, in connection with the transactions contemplated by that certain Loan and Security Agreement, dated as of October 21, 2022, as amended by that Amendment to Loan and Security Agreement, dated as of February 22, 2023 and as further amended by that Second Amendment to Loan and Security Agreement, dated as of June 16, 2023 (collectively, the “JGB Loan Agreement”), with JGC Capital, LP (“JGB Capital”), JGB Partners, LP (“JGB Partners”) and JGB (Cayman) Glenegedale Ltd. (“JGB Cayman” and collectively with JGB Capital and JGB Partners, the “Lenders”) and JGB Collateral, LLC, in its capacity as collateral agent for the Lenders (the “Agent”), PARTS iD, Inc., a Delaware corporation (the “Company”) issued to the Lenders a warrant (the “Warrant”) to purchase 1,000,000 shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”).
On July 17, 2023, the Company received notice from the Lenders to exercise the Put Right (as defined in the Warrant) to require the Company to purchase the Warrant from the Holder for a purchase price equal to $0.35 (subject to appropriate adjustment for any stock split, stock dividend, stock combination, reverse stock split or similar event) per share of Common Stock issuable upon exercise of the Warrant, for a total purchase price of $350,000 (the “Purchase Price”). After due discussions between the Company and the Lenders, an agreement was reached wherein the Company will pay the Purchase Price to the Lenders on or before August 15, 2023.
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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.
Dated: August 8, 2023
| PARTS ID, INC. | |||
| By: | /s/ Lev Peker | ||
| Name: | Lev Peker | ||
| Title: | Chief Executive Officer | ||
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