dpw20171228_8k.htm

 

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

____________________________________________________________

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

___________________________________________________________________

 

Date of Report (Date of earliest event reported):  December 28, 2017

 

DIGITAL POWER CORPORATION

(Exact name of registrant as specified in its charter)

 

California

 

001-12711

 

94-1721931

(State or other jurisdiction of

incorporation or organization)

 

(Commission File Number)

 

(I.R.S. Employer Identification

No.)

 

48430 Lakeview Blvd, Fremont, CA 94538-3158

(Address of principal executive offices) (Zip Code)

 

(510) 657-2635

(Registrant's telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company   ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

 

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ITEM 5.07       SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

On December 28, 2017, at the Annual Meeting of Shareholders of Digital Power Corporation (the “Company”), the Company’s shareholders approved (i) electing six directors named by the Company (Milton Ault, III, Amos Kohn, Robert Smith, Moti Rosenberg, Kristine Ault and William Horne), (ii) ratification of Marcum, LLP, as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2017 (“Auditor Ratification”) (iii) the reincorporation of the Company from California to Delaware (“Reincorporation”), (iv) the conversion of up to 500,000 shares of the Company’s Series B Preferred Stock into shares of Common Stock and the exercise of Warrants to purchase shares of Common Stock in accordance with the Preferred Stock Purchase Agreement dated March 9, 2017 (the “Series B Conversion”), (v) the conversion of 378,776 shares of the Company’s Series D Preferred Stock into shares of Common Stock and the exercise of Warrants to purchase up to 1,000,000 shares of Common Stock, issued in accordance with the Share Exchange Agreement dated April 28, 2017 (“Series D Conversion”), (vi) the conversion of 10,000 shares of the Company’s Series E Preferred Stock into shares of Common Stock, in accordance with the Share Exchange Agreement dated April 28, 2017 (“Series E Conversion”), (vii) the conversion of a $400,000 12% Convertible Note convertible into 727,273 shares of Common Stock at $0.55 per share, and the related exercise of a Warrant to purchase 666,667 shares of Common Stock at $1.10 per share, in accordance with the Securities Purchase Agreement dated August 3, 2017 (“12% Note Conversion”), (viii) the conversion of 10% Senior Convertible Promissory Notes in the aggregate amount of $880,000 into the aggregate of 1,466,667 shares of Common Stock at $0.60 per share and the related exercise of Warrants to purchase the aggregate of 1,466,667 shares of Common Stock at $0.66 per share in accordance with the Securities Purchase Agreement dated August 10, 2017 (“10% Senior Note Conversion”), (ix) the issuance of (a) warrants to purchase 317,460 shares of Common Stock at an exercise price of $0.01 per share and (b) options to purchase 1,000,000 shares of Common Stock at an exercise price of $0.65 per share, and the issuance of the shares of Common Stock issuable upon exercise of such options and warrants, in accordance with the Executive Employment Agreement between the Company and Amos Kohn dated November 30, 2016, as subsequently amended on February 22, 2017 (“Executive Employment Agreement”), (x) the Company’s 2017 Stock Incentive Plan (“2017 Stock Incentive Plan”) and (xi) other matters at the meeting (“Other Matters”).

 

As of November 7, 2017, the record date for the meeting, the Company had outstanding and entitled to vote 15,092,393 shares of common stock and 454,986 shares of its outstanding Series C Preferred Convertible Stock. The 454,986 shares of Series C Preferred Stock carry the voting power of 1,819,944 shares of common stock for an aggregate of 16,912,337 shares of capital stock voting as a single class eligible to be cast on any matter placed before the shareholders. The Company obtained quorum for both the common stock and the Series C Preferred Convertible Stock. The vote for each proposal was as follows:

                       
Proposal   For     Against   Withheld   Abstain  

Broker Non-

Votes

1. Election of Six Directors                      

Milton Ault, III

 

10,315,237

       

179,131

     

10,494,368*

3,633,700**

Amos Kohn

 

8,952,620

       

1,541,748

     

10,494,368*

3,633,700**

Robert Smith

 

10,293,467

       

200,901

     

10,494,368*

3,633,700**

Moti Rosenberg

 

8,968,344

       

1,526,024

     

10,494,368*

3,633,700**

Kristine Ault

 

10,018,760

       

475,608

     

10,494,368*

3,633,700**

William Horne

 

10,145,466

       

348,902

     

10,494,368*

3,633,700**

                       

2. Auditor Ratification

 

 

13,962,417

   

91,053

     

74,598

 

14,128,068*

 

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3. Reincorporation

 

10,408,564

   

44,660

     

41,144

 

10,494,368*

3,633,700**

                       

4. Series B Conversion

 

10,300,224

   

132,913

     

61,231

 

10,494,368*

3,633,700**

                       

5. Series D Conversion

 

10,296,396

   

143,301

     

54,671

 

10,494,368*

3,633,700**

                       

6. Series E Conversion

 

10,272,836

   

166,201

     

55,331

 

10,494,368*

3,633,700**

                       

7. 12% Note Conversion

 

10,213,472

   

196,329

     

84,567

 

10,494,368*

3,633,700**

                       

8. 10% Senior Note Conversion

 

10,257,190

   

182,707

     

54,471

 

10,494,368*

3,633,700**

                       

9. Issuance of Securities under the

Executive Employment Agreement

 

 

10,052,248

   

240,929

     

201,191

 

10,494,368*

3,633,700**

                       

10. 2017 Stock Incentive Plan

 

10,088,648

   

181,947

     

223,773

 

10,494,368*

3,633,700**

                       

11. Other Matters

 

10,024,200

   

88,929

     

381,239

 

10,494,368*

3,633,700**

                       

 *Total

**Broker Non-Vote

                     

 

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SIGNATURE

 

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.

 

 

 

Digital Power Corporation

 

       

 

 

 

 

Dated: December 28, 2017

 

/s/ Milton C. Ault, III

 

 

 

Milton C. Ault, III

 

 

 

Executive Chairman

 

 

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