SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 5, 2020
Dolphin Entertainment, Inc.
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction
150 Alhambra Circle, Suite 1200
Coral Gables, FL 33134
(Address of Principal Executive Offices) (Zip Code)
(Registrants Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
Common Stock, $0.015 par value per share
The Nasdaq Capital Market
Warrants to purchase Common Stock,
The Nasdaq Capital Market
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. ¨
Item 1.01. Entry into a Material Definitive Agreement.
On June 5, 2020, Dolphin Entertainment, Inc. (the Company) and certain institutional investors entered into a share purchase agreement (the Purchase Agreement), pursuant to which the Company agreed to sell to such investors an aggregate of 7,900,000 shares of common stock, par value $0.015 (the Common Stock) in a registered direct offering, for gross proceeds of approximately $8.3 million (the Financing). The purchase price for each share of Common Stock is $1.05.
Pursuant to the Purchase Agreement, the Company agreed not to issue or enter into any agreement to issue Common Stock, or any securities that would entitle the holder thereof to acquire Common Stock, from June 5, 2020 until thirty (30) days after the closing of the Financing.
The Company currently intends to use the net proceeds from the Financing for general corporate purposes, including acquisitions of complementary businesses and working capital.
The Company entered into a letter agreement dated June 5, 2020 (the Letter Agreement) with Maxim Group LLC, as exclusive placement agent (the Placement Agent), pursuant to which the Placement Agent agreed to act as the exclusive lead placement agent in connection with the Financing. The Company agreed to pay the Placement Agent an aggregate fee equal to 7.0% of the gross proceeds raised in the Financing. The Company also agreed to reimburse the Placement Agents legal expenses.
A copy of the Letter Agreement and form of the Purchase Agreement are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference. The foregoing summaries of the terms of the Letter Agreement and the Purchase Agreement, are subject to, and qualified in their entirety by, such documents.
On June 5, 2020, the Company issued a press release announcing the Financing. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
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.
DOLPHIN ENTERTAINMENT, INC.
Date: June 9, 2020
/s/ Mirta A. Negrini
Mirta A. Negrini
Chief Financial and Operating Officer