From the 8-k filed yesterday:
On January 2, 2018, Generation Next Franchise Brands, Inc. (the “ Company ”), in continuation of the offering reported in the Periodic Report on Form 10-Q filed with the Securities Exchange Commission on May 22, 2017 (the “ Offering ”), sold additional securities under separate subscription agreements (each, a “ Purchase Agreement ”) by and between the Company and the investors (each a “ Purchaser ” and collectively, the “Purchasers”). Pursuant to the Purchase Agreement, the Company issued and sold to the Purchasers 12,841,400 shares of the Company’s common stock (the “ Common Stock ”) for an aggregate purchase price of $6,420,700 (the “ Private Placement ”). (e.g. $0.50/share) The proceeds of the Private Placement have been and will be used (i) to complete development of the prototype Robot, (ii) to pay the Company’s manufacturer a deposit for the first 100 robots, (iii) to purchase tools for full-scale production, (iv) to increase personnel of the Company’s management team, (v) to commence purchasing the first 2,000 robots through the calendar year 2018, (vi) to fund operations and for other general corporate purposes, and (vii) to fund continued research and development expenditures.
With the last sale on January 31, 2018, the Company will be closing the Offering.
