mobilepro_8k-061009.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report:
June 11,
2009
MOBILEPRO
CORP.
---------------
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
000-51010
|
87-0419571
|
|
(State
of Incorporation)
|
(Commission
File Number )
|
(IRS
Employer Identification
No.)
|
401
Professional Drive, Suite 128
Gaithersburg,
MD 20879
--------------------
(Address
of principal executive offices) (Zip Code)
(301)
571-3476
--------------
(Registrant's
telephone number)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2
below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other Events.
As
previously disclosed, on May 5, 2009, the Registrant (“Mobilepro”) executed a
Forbearance Agreement with YA Global Investments, L.P. f/k/a Cornell Capital
Partners, L.P. (“YA Global”) pursuant to which YA Global agreed to forbear for a
period of thirty days (the “Forbearance Period”) from enforcing its
rights and remedies against the Registrant and its subsidiaries under the
Secured Convertible Debenture and related agreements dated June 30, 2008 in the
original principal amount of $13,391,175 (the “Debenture”). By letter
dated June 2, 2009 (the “June 2nd
Letter”), YA Global agreed to extend the Forbearance Period until June 5, 2009
(the “Extended Forbearance Period”). The maturity date of the
Debenture was May 1, 2009 (the “Maturity Date”) at which time the principal
amount outstanding was approximately $13 million.
The
Extended Forbearance Period has expired and YA Global has not agreed to further
extend the Forbearance Period and the Maturity Date. Accordingly, Mobilepro is
in default of its obligations under the Debenture. Mobilepro does not
have the cash required to pay the balance due on the Debenture and, given
current market conditions and Mobilepro’s financial condition,
obtaining the required financing to retire the Debenture is unlikely
to occur in the immediate future. YA Global has informed the
Registrant that it intends to exercise its rights as the company’s senior
secured creditor. Such rights include, but are not limited to,
foreclosing on the assets of the Company. In such event the Registrant will not
have the ability to continue as a going concern. See “Risk Factors”
in Mobilepro’s most recent quarterly report on Form 10-Q for more detail on such
risks.
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 thereunto duly
authorized.
Jay O.
Wright
Chief
Executive Officer
Mobilepro
Corp.
Date: June
11, 2009