SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 6, 2007
| mPHASE TECHNOLOGIES, INC. |
| (Exact Name of Registrant as Specified in Charter) |
| New Jersey | 000-24969 | 22-2287503 | ||
| (State or Other Jurisdiction of | (Commission File Number) | (IRS Employer | ||
| Identification No.) | Incorporation) |
| 587 Connecticut Ave., Norwalk, CT 06854-0566 |
|
(Address of Principal Executive Offices) (ZIP Code) |
Registrant's telephone number, including area code: (203) 838-2741
Item 8.01 Other Events mPhase Technologies, Inc. announced today that it has executed
with Double U. Master Fund, L.P., a limited partnership organized under the laws
of the British Virgin Islands, a Private Equity Credit Agreement for an
aggregate of up to $6 million in financing through the sale, from time to time
of the common stock of mPhase at a 14% discount to its market value (determined
as set forth in detail in the Private Equity Credit Agreement). The terms of the
Agreement provide that mPhase will have the option to "PUT" up to $300,000 of its common
stock to the Partnership per month upon the effectiveness of a Form S-1
Registration Statement covering such shares of common stock. Under the terms of
the Agreement, mPhase is not obligated to draw any minimum amount of money under
the Private Equity Credit Line. Exhibit 99.1:
Private Equity Credit Line Agreement dated as of
June 28, 2007.
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.
| mPHASE TECHNOLOGIES | |
|
By: |
/s/ Martin S. Smiley |
| Martin S. Smiley | |
| Executive Vice President, | |
| Chief Financial Officer and | |
| General Counsel |
Date: July 6, 2007