UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
May 12, 2022
(Date of earliest event reported)
NovAccess Global Inc.
(Exact name of registrant as specified in its charter)
Colorado | 000-29621 | 84-1384159 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
8584 E. Washington Street, No. 127, Chagrin Falls, Ohio 44023 |
(Address of principal executive offices) (Zip Code) |
(213) 642-9268
(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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | N/A | N/A |
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 May 12, 2022, the board of directors of NovAccess Global Inc. (“NovAccess” or the “company”) adopted the NovAccess Global Inc. 2022 Equity Incentive Plan (the “plan”). The plan provides for up to 2.0 million equity grants, including shares, restricted shares, tax qualified options, non-qualified options, stock appreciation rights, and other equity-based grants. The plan allows for grants to the directors, executive officers, other employees, and consultants of NovAccess and its subsidiaries. The term of the plan is ten years. Initially our board of directors will administer grants under the plan, but the board is considering forming a compensation committee to administer the plan. Currently no grants have been made under the plan. Our board intends to submit the plan to the company’s shareholders for approval at the next shareholder meeting. However, the board may make grants under the plan before it has been approved by our shareholders.
The description above is a brief summary of the terms of the plan. If you are interested in the details of the plan, please refer to the full text of the plan filed as an exhibit to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.1 NovAccess Global Inc. 2022 Equity Incentive Plan
Exhibit 104 Cover Page Interactive Data File (formatted as Inline XBRL)
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 thereunto duly authorized.
| NovAccess Global Inc. |
| |
|
|
|
|
|
|
|
|
Dated: May 16, 2022 | By: | /s/ Dwain K. Morris-Irvin |
|
|
| Dwain K. Morris-Irvin, Chief Executive Officer |
|
|
|
|
|