UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Item 1.01 Entry into a Material Definitive Agreement.
Item 1.02 Termination of a Material Definitive Agreement.
Pursuant to a Stock Purchase Agreement, dated December 30, 2021 (the “Agreement”), the registrant sold to Fintech Debt Corp. (“FDC”) all of the registrant’s shares of Sport-BLX, Inc. (“Sport-BLX”), for $137,038 in cash, thus terminating the registrant’s interest in the sports technology platform. FDC is controlled by George E. Hall and Joseph A De Perio, who are, respectively, the beneficial owner of 31.1% of the registrant’s common stock and a member of the registrant’s board of directors. In connection with the sale, Daniel Strauss, the registrant’s chief executive officer, and Francis Ruchalski, the registrant’s chief financial officer, resigned from the Sport-BLX board of directors.
Pursuant to the Agreement, the Management Services Agreement, dated August 1, 2020, between the registrant and FDC, under which the registrant provided back office services to FDC, terminated, except that the registrant will continue to provide certain services for 30 days from the date of the Agreement.
Item 8.01 Other Events.
On December 29 and 30, 2021, the registrant received distributions from the bankruptcy estate of Adara Enterprises, Corp., a former subsidiary, totaling $4,577,500, in addition to $2,017,000 distributed to the registrant in September 2021.
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: January 4, 2022
| GLASSBRIDGE ENTERPRISES, INC. | ||
| By: | /s/ Daniel Strauss | |
| Name: | Daniel Strauss | |
| Title: | Chief Executive Officer | |