ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On April 2, 2019, BioPower Operations Corporation, a Nevada corporation (the “Company”) entered into a Binding Memorandum of Understanding (the “MOU”) with WPP Energy GmbH, a Swiss corporation (“WPP”) and China Energy Partners, a Florida limited liability company (“CEP”) pursuant to which the parties agreed to negotiate and enter into a definitive agreement, pursuant to which Company will agree to issue to WPP a number of shares of the Company’s common stock, par value $0.0001 per share, constituting 90% of the issued and outstanding shares of the Company’s common stock following such issuance (the “Shares”), in exchange for the payment to the Company of Five Million US Dollars ($5,000,000.00) and the contribution to the Company of the WPP Mobile Waste Plant Technology and business (the “Transaction”). Pursuant to the MOU the parties agreed to negotiate and enter into a definitive agreement to set the terms of the Transaction in accordance with the MOU. In order to be able to complete the Transaction as set forth in the MOU, the Company will have to amend its Articles of Incorporation to increase the number of its authorized shares in order to have sufficient common stock authorized in order to issue the Shares.
At this time the Transaction has not closed and no definitive agreement has been entered into, and there can be no assurance that a definitive agreement can or will be entered into or that the Transaction can be completed as planned, or at all.
The foregoing description of the MOU does not purport to be complete and is qualified in its entirety by reference to the full text of the MOU, a copy of the form of which is filed as Exhibits 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
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