On February 5, 2025, Sparta Commercial Services, Inc. announced in an 8-K filing that the company had granted stock options to certain key personnel. The CEO, Anthony L Havens, and the Vice President of Operations, Sandra L Ahman, were each given five-year options to purchase a total of 3,000,000 shares of the company’s common stock at $0.18 per share. These options will vest in three equal tranches over the span of three years.
Additionally, Sparta Commercial Services granted five-year options to purchase 300,000 shares of common stock to each of its two independent Directors at the same price of $0.18 per share. These options, also vesting over three years, were issued as compensation for their services on the board.
The stock options, granted under the Stock Option Agreements, have an exercise price of $0.18, which was determined to be 110% of the closing price of the company’s common stock for the thirty consecutive trading days leading up to the option grant date. These sales were considered exempt from registration under the Securities Act based on Section 4(a)(2) as transactions not involving a public offering. Recipients of the securities confirmed their intent to hold them for investment purposes only.
The details provided in this disclosure are not exhaustive, with the complete terms outlined in the Stock Option Agreements. These agreements have been filed as Exhibits 4.1, 4.2, 4.3, and 4.4 of the Current Report.
In other news, Sparta Commercial Services has complied with the requirements of the Securities Exchange Act of 1934 by signing the report on February 7, 2025, on its behalf by Anthony L. Havens, as indicated in the filing.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sparta Commercial Services’s 8K filing here.
About Sparta Commercial Services
Sparta Commercial Services, Inc develops, markets, and manages business websites and mobile applications for smartphones and tablets under the iMobileApp name. It offers mobile applications for vehicle dealerships, racetracks, private clubs, country clubs, schools and entertainment venues, restaurants, grocery stores, and various other merchant types.
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