Petrogress Inc. (PGAS)

[ShortsFail]

8-K out today.

https://ih.advfn.com/p.php?pid=nmona&article=76804200

Item 3.02 – Unregistered Sale of Equity Securities

On February 23, 2018, Petrogress, Inc. (“the Company”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Christos Traios, President and Chief Executive Officer of the Company, pursuant to which Mr. Traios agreed to purchase, and the Company agreed to issue, 19,070,512 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”) in exchange for complete satisfaction, cancellation and forgiveness of certain loans made by Mr. Traios for the benefit of the Company and certain of its wholly owned subsidiaries in the aggregate amount of $297,500.

The Shares were sold and issued without registration under the Securities Act of 1933, as amended (the “Securities Act”) in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering. Mr. Traios acquired the securities for investment and acknowledged that he is an accreditor investor as defined by Rule 501 under the Securities Act.