Entry into a Material Definitive


 


On December 31, 2020, Ionix Technology, Inc., a Nevada
corporation (the “Company”), closed the funding transactions described below.


 


Securities Purchase Agreement and Self-Amortization
Promissory Note with Labrys Fund, L.P, a Delaware limited partnership (“Labrys”)


 


On December 31, 2020, the Company executed and closed
on the following agreements with Labrys: (i) Securities Purchase Agreement dated December 21, 2020; and (ii) Self-Amortization
Promissory Note dated December 21, 2020 (“Note”); (collectively the “Labrys Agreements”). The Company entered
into the Labrys Agreements with the intent to acquire working capital to fund current operations and grow the Company’s business


 


The total amount o f funding under the Labrys Agreements
is $253,500. The Notes carry an original issue discount of $30,000, a transaction expense amount of $3,000, and a fee to J. H.
Darbie & Co. of $13,500, for total debt of $300,000 (“Debt”). The Note has an amortization schedule of $35,000
at each month end beginning April 23, 2021 through December 21, 2021 (the “Maturity Date”). The Company issued commitment
shares related to the Labrys Agreements as follows: 447,762 shares of Common Stock (the “First Commitment Shares”)
and 1,119,402 shares of Common Stock (the “Second Commitment Shares”). The Second Commitment Shares must be returned
to the Borrower’s treasury if the Note is fully repaid and satisfied on or prior to the Maturity Date. The Company agreed
to reserve 7,052,239 shares of its common stock for issuance if any Debt is converted. The Debt is due on or before December 21,
2021. The Debt carries an interest rate of five percent (5%). The Note is not convertible unless in Default, as defined in the
Note. If the Note is in Default, the Debt is convertible into the Company’s common stock at a conversion price which shall
equal the lesser of (i) the closing bid price of the Common Stock on the Principal Market on the Trading Day immediately preceding
the Issue Date or (ii)the closing bid price of the Common Stock on the Principal Market on the Trading Day immediately preceding
the date of the respective conversion, subject to adjustment as provided for in the Note.


 


The Labrys Agreements are qualified in their entirety
by reference to the Labrys Agreements, copies of which are attached to this Current Report on Form 8-K as Exhibit 10.1, and incorporated
by reference into this Item 1.01. Certain capitalized terms used herein but not otherwise defined shall have the meaning ascribed
thereto in the Transaction Documents.


 


 


Item 2.03 Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.


 


The information provided in response to Item 1.01 of
this report is incorporated by reference into this Item 2.03.


 


Item 3.02 Unregistered Sales of Equity Securities.


 


See the disclosures made in Item 1.01, which are incorporated
herein by reference. All securities issued in the Labrys, Agreements were issued in a transaction exempt from registration pursuant
to Section 4(a)(2) and Rule 506(b) Securities Act of 1933. The Labrys transactions did not involve a public offering, the sale
of the securities was made without general solicitation or advertising, there was no underwriter, and no underwriting commissions
were paid.


 


Item 9.01 Financial Statements and Exhibits.


 


(d)  

Exhibits

.


 




 


 


 



Exhibit No.


 


Description



 


 


 



10.1


 


Compilation of Labrys Securities Purchase Agreement, Self-Amortization Promissory Note and Other Agreements (Filed herewith)



 



 

 


 



 


SIGNATURES


 


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 


 




 



Ionix Technology, Inc.




 


 



 


 



 


 


 



Date:  January 5, 2021


By 


/s/ Cheng Li




 


 


Cheng Li




 


 


Duly Authorized officer, Chief Executive


Officer




 


 


 


 


 


 



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