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Sollensys (SOLS)

Filed: 29 Mar 22, 8:01am

 

 

 

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): March 29, 2022

 

SOLLENSYS CORP
(Exact name of registrant as specified in its charter)

 

Nevada 333-174581 80-0651816
(State or other jurisdiction of
incorporation or organization)
 (Commission
File Number)
 (IRS Employer
Identification No.)

 

2475 Palm Bay Rd. NE, Suite 120

Palm Bay, FL 32905

(Address of principal executive offices)

 

(866) 438-7657

(Registrant’s telephone number, including area code)

 

N/A

(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 (see General Instruction A.2. below):

 

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
N/A 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 7.01. Regulation FD Disclosure.

 

On March 29, 2022, Sollensys Corp (the “Company”) issued a press release announcing entry into an agreement with Smart City Capital. Smart City Capital provides cities of all sizes the power to become smart, connected, and resilient, reducing the existing digital divide. Pursuant to the terms of the agreement, Smart City Capital agreed to purchase three of the Company’s Regional Service Centers that will provide blockchain based data archives for multiple cities. The equipment purchase represents a $2.25 million investment by Smart City Capital in infrastructure to be financed and hosted by the Company over a five-year period. The agreement also includes a commitment by Smart City Capital to utilize multiple petabytes of blockchain storage space at a cost of approximately $2 million annually, for a $4.25 million total initial commitment.

 

The agreement was initiated and coordinated through Acadia Leadership Partners (“Acadia”), an industry channel network and independent member of BDO Alliance USA. The Company will pay Acadia a standard commission representing 40% of the equipment fees collected, pursuant to the agreement, by the Company and a percentage of the hosting fees pursuant to the agreement.

 

The information included in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth under this Item 7.01 shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.

 

Item 9.01 Financial Statement and Exhibits.

 

(d) Exhibits

 

Exhibit No. Description
99.1 Press release of the registrant dated March 29, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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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.

 

 SOLLENSYS CORP
   
Dated: March 29, 2022By:/s/ Donald Beavers
  Donald Beavers
Chief Executive Officer

 

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