Company: IPSI
Filing Date: 2025-01-28
Form Type: 8-K
Source: 0001376474-25-000117
Chunk: 0

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-01-28
Form: 8-K
Item: Item 1.01
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Item 1.01 Termination of a Material Definitive Agreement.

Termination Agreement with Business Warrior

The mutual agreement of Business Warrior Corporation (“ BZWR”) and Innovative Payment Solutions, Inc. (“ IPSI”), to terminate the Agreement and Plan of Merger dated July 28, 2024, between BZWR and IPSI (the “ Merger”). This decision reflects our shared understanding and agreement that discontinuing the merger is in the best interest of both parties. By signing below, both BZWR and IPSI acknowledge the termination of the Merger, and no further obligations or liabilities will be owed by either party as a result of this termination.

Merger Agreement with Business Warrior

Overview

On July 28, 2024, Innovative Payment Solutions, Inc., a Nevada corporation (“ IPSI”), entered into an Agreement and Plan of Merger (the “ Merger Agreement”), by and among IPSI, IPSI Merger Sub, Inc., a Delaware corporation and a newly formed, wholly-owned subsidiary of IPSI (“ Merger Sub”) and Business Warrior Corporation, a Wyoming corporation (“ Business Warrior”).

Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated by the Merger Agreement (the “ Closing”), Merger Sub will merge with and into Business Warrior (the “Merger” and, together with the other transactions contemplated by the Merger Agreement, the “Transactions”), with Business Warrior continuing as the surviving Wyoming corporation in the Merger and a wholly-owned subsidiary of IPSI.

Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the “ Effective Time”): (i) each outstanding share of common stock, par value $0.0001 per share, of Business Warrior (“ Business Warrior Common Stock”), other than treasury shares and shares as to which appraisal rights have been exercised, will be automatically converted into the right to receive a number of shares of common stock, par value $0.0001 per share, of IPSI (“ IPSI Common Stock”) equal to the Applicable Per Share Portion (as defined in the Merger Agreement) of the Merger Consideration (as defined below), (ii) each outstanding share of preferred stock of Business Warrior (“ Business Warrior Preferred Stock”), other than treasury shares and shares as to which appraisal rights have been exercised, will be automatically converted into the right to receive a number of shares of IPSI Common Stock equal to