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for the holders of junior securities (as defined in the Share Designation), including the Company’s common shares and allocation |
shares, each holder of outstanding series B senior convertible preferred shares shall be entitled to receive an amount of cash equal to 115 % of the stated value plus an amount of cash equal to all accumulated accrued and unpaid dividends thereon (whether or not declared) |
to, but not including the date of final distribution to such holders. If, upon any liquidation, the assets, or proceeds thereof, distributable |
among the holders of the series B senior convertible preferred shares shall be insufficient to pay in full the preferential amount payable |
to the holders of the series B senior convertible preferred shares and liquidating payments on any other shares of any class or series |
of parity securities as to the distribution of assets on any liquidation, then such assets, or the proceeds thereof, shall be distributed |
among the holders of series B senior convertible preferred shares and any such other parity securities ratably in accordance with the |
respective amounts that would be payable on such series B senior convertible preferred shares and any such other parity securities if |
all amounts payable thereon were paid in full. ● Voting Rights . The series B senior convertible preferred shares do not have any voting rights; |
provided that, so long as any series B senior convertible preferred shares are outstanding, the affirmative vote of holders of a majority |
of series B senior convertible preferred shares, voting as a separate class, shall be necessary for approving, effecting or validating |
(i) any amendment, alteration or repeal of any of the provisions of the Share Designation or (ii) the Company’s creation or issuance |
of any parity securities or any senior securities. Notwithstanding the foregoing, such vote of the holders shall not be required in connection |
with the issuance of parity securities or senior securities if, and so long as, the proceeds resulting from the issuance of such securities |
are used to redeem in full the outstanding series B senior convertible preferred shares. F- 48 1847 HOLDINGS LLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2021 AND 2020 ● Conversion Rights . Each series B senior convertible preferred share, plus all accrued and unpaid |
dividends thereon, shall be convertible, at the option of the holder thereof, at any time and from time to time, into such number of fully |
paid and nonassessable common shares determined by dividing the stated value ($3.00 per share), plus the value of the accrued, but unpaid, |
dividends thereon, by the conversion price of $3.00 per share (subject to adjustments); provided that in no event shall the holder of |
any series B senior convertible preferred shares be entitled to convert any number of series B senior convertible preferred shares that |
upon conversion the sum of (i) the number of common shares beneficially owned by the holder and its affiliates and (ii) the number of |
common shares issuable upon the conversion of the series B senior convertible preferred shares with respect to which the determination |
of this proviso is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the then outstanding |
common shares. This limitation may be waived (up to a maximum of 9.99%) by the holder and in its sole discretion, upon not less than sixty-one |
(61) days’ prior notice to the Company . ● Redemption . The Company may redeem in whole (but not in part) the series B senior convertible preferred |
shares by paying in cash therefore a sum equal to 115 % of the stated value plus the amount of accrued and unpaid dividends and any other |
amounts due pursuant to the terms of the series B senior convertible preferred shares. ● Adjustments. The Share Designation contains standard adjustments to the conversion price in the |
event of any share splits, share combinations, share reclassifications, dividends paid in common shares, sales of substantially all of |
the Company’s assets, mergers, consolidations or similar transactions. In addition, the Share Designation provides that the stated |
dividend rate, the stated value and the conversion price shall automatically adjust as follows: ○ On the first day of the 12 th month following the issuance |
of the first series B senior convertible preferred share, the stated dividend rate shall automatically increase by five percent |
( 5.0 %) per annum and the conversion price shall automatically adjust to the lower of the (i) initial conversion price and (ii) the price |
equal to the lowest VWAP of the ten (10) trading days immediately preceding such date. ○ On the first day of the 24 th month following the issuance |
of the first series B senior convertible preferred share, the stated dividend rate shall automatically increase by an additional |
five percent ( 5.0 %) per annum, the stated value shall automatically increase by ten percent ( 10 %) and the conversion price shall automatically |
adjust to the lower of the (i) initial conversion price and (ii) the price equal to the lowest VWAP of the ten (10) trading days immediately |
preceding such date. ○ On the first day of the 36 th month following the issuance |
of the first series B senior convertible preferred share, the stated dividend rate shall automatically increase by an additional |
five percent ( 5.0 %) per annum, the stated value shall automatically increase by ten percent ( 10 %) and the conversion price shall automatically |
adjust to the lower of the (i) initial conversion price and (ii) the price equal to the lowest VWAP of the ten (10) trading days immediately |
preceding such date. Notwithstanding the foregoing, the conversion |
price for purposes of the adjustments above shall not be adjusted to a number that is below $ 0.0075 per share (subject to adjustment for |
splits or dividends of the common shares). In addition, if any legislation or rules are adopted whereby the holding period of securities |
for purposes of Rule 144 of the Securities Act of 1933, as amended, for convertible securities that convert at market-adjusted rates is |
increased resulting in a longer holding period for convertible securities like the series B senior convertible preferred shares and the |
unavailability at the time of conversion of Rule 144, the pricing provisions that are based upon the lowest VWAP of the previous ten (10) |
trading days immediately preceding the relevant adjustment date shall be removed unless the common shares issuable upon conversion are |
then registered under an effective registration statement. F- 49 1847 HOLDINGS LLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2021 AND 2020 Warrants Each warrant is exercisable within three years |
at an exercise price of $ 3.00 per common share (subject to adjustment, including a full ratchet antidilution adjustment), which may be |
exercised on a cashless basis if the underlying warrant shares are not then registered or otherwise freely tradeable. The Company may force the exercise of the warrants |
at any time after the one year anniversary of the date of the warrants, if (i) the Company is listed on a national securities exchange |
or the over-the-counter market, (ii) the underlying common shares are registered or the holder of the warrant otherwise has the ability |
to trade the underlying common shares without restriction, (iii) the 30-day volume-weighted daily average price of the common shares exceeds |
200% of the exercise price, as adjusted, and (iv) the average daily trading volume is at least 100,000 common shares during such 30-day |
period. The Company may redeem the warrants held by any |
holder in whole (but not in part) by paying in cash to such holder as follows: (i) $0.50 per share then underlying the warrant if within |
the first twelve (12) months of issuance; (ii) $1.00 per share then underlying the warrant if after the first twelve (12) months, but |
before twenty-four (24) months of issuance; and (iii) $1.50 per share then underlying the warrant if after twenty-four months, but before |
thirty-six (36) months. The warrants also contain an ownership limitation, |
such that the Company shall not effect any exercise of any warrant, and the holder shall not have the right to exercise any portion of |
such warrant, to the extent that after giving effect to issuance of common shares upon exercise such warrant, such holder, together with |
its affiliates, and any other persons acting as a group together with such holder or any of its affiliates, would beneficially own in |
excess of 4.99 % of the number of common shares outstanding immediately after giving effect to the issuance of common shares issuable upon |
exercise of such warrant. Upon no fewer than 61 days’ prior notice to the Company, a holder may increase or decrease such beneficial |
ownership limitation provisions and any such increase or decrease will not be effective until the 61st day after such notice is delivered |
to the Company. Dividend On January 14, 2022, the Company paid its first |
quarterly dividend in the amount of $ 0.05 per share to |
the holders of common shares as of December 31, 2021. The total dividend paid was $ 242,160 . F- 50 SIGNATURES Pursuant to the requirements of Section 13 or |
15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, |
thereunto duly authorized. Date: March 31, 2022 1847 HOLDINGS LLC /s/ Ellery W. Roberts N Ellery W. Roberts Tit Chief Executive Officer (Principal Executive Officer) /s/ Vernice L. Howard N Vernice L. Howard Tit Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to the requirements of the Securities |
Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and |
on the dates indicated. SIGNATURE TITLE DATE /s/ Ellery W. Roberts Chairman and Chief Executive Officer (principal executive officer) March 31, 2022 Ellery W. Roberts /s/ Vernice L. Howard Chief Financial Officer (principal financial and accounting officer) March 31, 2022 Vernice L. Howard /s/ Robert D. Barry Director March 31, 2022 Robert D. Barry /s/ Paul A. Froning Director March 31, 2022 Paul A. 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Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT |
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year end December 31 , 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to |
_____________ Commission File No. 001-41368 1847 HOLDINGS LLC (Exact name of registrant as specified in its charter) Delaware 38-3922937 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 590 Madison Avenue , 21st Floor , New York , NY 10022 (Address of principal executive offices) (Zip Code) (212) 417-9800 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Ac Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares EFSH NYSE American LLC Securities registered pursuant to Section 12(g) |
of the Ac None Indicate by check mark if the registrant is a |
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not |
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the |
registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the |
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to |
such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the |
registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T |
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant |
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. |
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” |
and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ 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. ☐ Indicate by check mark whether the registrant |
has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial |
reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report. ☐ If securities are registered pursuant to Section |
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction |
of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error |
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s |
executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark whether registrant is a |
shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ As of June 30, 2022 (the last business day of |
the registrant’s most recently completed second fiscal quarter), the aggregate market value of the registrant’s common shares |
held by non-affiliates (based upon the closing price of such shares as reported on OTCQB Market) was approximately $ 3.1 million. Shares |
held by each executive officer and director and by each person who owns 10% or more of the outstanding common shares have been excluded |
from the calculation in that such persons may be deemed to be affiliates of the registrant. This determination of affiliate status is |
not necessarily a conclusive determination for other purposes. As of April 10, 2023, there were a total of 4,655,636 common shares of the registrant issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive |
proxy statement relating to its 2023 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report |
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