| FORM 8-K: Arista Power, Inc FILES Current report
US Official News, April 1, 2014 Tuesday
Arista Power, Inc, New York, has filed FORM 8-K (Current report) with Securities and Exchange Commission on March 31, 2014 State or other Jurisdiction of Incorporation: New York Item 1.01 Entry into a Material Definitive AgreementOn March 31, 2014, Arista Power, Inc. (the “Company” or “Arista Power”) sold, pursuant to a Securities Purchase Agreement (the “SPA”), an aggregate of 1,500 shares of Arista Power’s Series A Convertible Preferred Stock (“Preferred Stock”) , with a stated value of $1,500,000 that are convertible into shares of the Company’s common stock at a conversion price of $0.20 in stated value per share (7,500,000 shares of common stock), and five-year warrants (each, a “Warrant”), which vested in full upon issuance, to purchase up to 11,250,000 additional shares of common stock at a purchase price of $0.25 per share to 8 institutional investors (each such entity, an “Investor”). Arista Power received a total of $1,405,000 in net proceeds from the sale. Each share of Preferred Stock is entitled to cash interest payments of 9% of the stated value per year, payable quarterly. The Preferred Stock is voluntarily and mandatorily convertible into shares of Common Stock pursuant to the provisions of the SPA, with any shares of Preferred Stock outstanding on March 31, 2017 automatically converting into Common Stock.