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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): May 4, 2012 (April 30, 2012)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AXION INTERNATIONAL HOLDINGS, INC.</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant
as specified in its charter)</B></P>

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    <TD STYLE="width: 36%; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-align: center"><B><U>Colorado</U></B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(State or
other jurisdiction</B> <B>of incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-align: center"><B><U>0-13111</U>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Commission File
        Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-align: center"><B><U>84-0846389</U></B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(IRS Employer
        Identification No.)</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TR>
    <TD STYLE="width: 65%; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-align: center"><B><U>180 South Street,
Suite 104, New Providence, New Jersey</U></B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>(Address of principal
        executive offices)</B></P></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 34%; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-align: center"><B><U>07974</U>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Zip Code)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&rsquo;s telephone number,
including area code: <U>(908) 542-0888</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Not Applicable</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>(Former name or former
address, if changed since last report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Wingdings; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none">&uml;</TD>
    <TD STYLE="width: 96%; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none">&uml;</TD>
    <TD STYLE="padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none">&uml;</TD>
    <TD STYLE="padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings; padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none">&uml;</TD>
    <TD STYLE="padding-bottom: 5.5pt; padding-left: 5.5pt; text-autospace: none; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 1.01 &#9;Entry into a Material Definitive Agreement</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 25, 2012, Axion International Holdings, Inc. (the &ldquo;Company&rdquo;)
entered into a Memorandum of Understanding (the &ldquo;MOU&rdquo;) with Melvin Lenkin (&ldquo;Lenkin&rdquo;), Samuel Rose (&ldquo;Rose&rdquo;)
and Allen Kronstadt (&ldquo;Kronstadt&rdquo; and collectively with Lenkin and Rose, the &ldquo;Investors&rdquo;). Pursuant to the
MOU, the Company agreed to issue to the Investors or their assigns demand promissory notes (each, a &ldquo;Demand Note&rdquo; and
collectively, the &ldquo;Demand Notes&rdquo;) in the principal amount of $1,666,666 with respect to the Demand Note issued to Lenkin
or assigns, $1,666,667 with respect to the Demand Note issued to Rose or assigns and $1,666,667 with respect to the Demand Note
issued to Kronstadt or assigns.&nbsp;&nbsp;Interest accrues on the unpaid principal balance of each Demand Note at a rate of 8.00%
per annum. The principal balance of each Demand Note, together with accrued and unpaid interest, is due and payable at any time
after June 30, 2012 on demand. The issuance of such Demand Notes is being made in reliance upon the exemption from registration
afforded by Section 4(2) of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the terms of the MOU, the Company and the Investors
agree to use commercially reasonable efforts to negotiate and execute definitive agreements pursuant to which the Investors shall
severally purchase an aggregate of $10,000,000 of convertible debt from the Company, $5,000,000 of which will be paid for by converting
the outstanding principal balance of the Demand Notes, and $5,000,000 of which will be paid for in cash on December 1, 2012<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November 9, 2011, the Company and Rose entered into a Revolving
Credit Agreement pursuant to which Rose agreed to lend up to $2,000,000 to the Company on a revolving basis. The obligations under
the Revolving Credit Agreement are secured pursuant to the Security Agreement, dated November 9, 2011, between the Company and
Rose, and are evidenced by the Revolving Credit Note, dated November 9, 2011, issued by the Company in favor of Rose. The foregoing
documents are attached as Exhibits 10.1, 10.2 and 10.3 to the Company&rsquo;s Quarterly Report on Form 10-Q, filed on November
14, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the Company&rsquo;s records and a Schedule 13G filed
by Rose and Julie Walters on February 9, 2012, Rose and Julie Walters beneficially own, within the meaning of Rule 13d-3 under
the Securities Exchange Act of 1934, approximately 7.7% of the outstanding shares of common stock of the Company. Based on the
Company&rsquo;s records, Lenkin beneficially owns, within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934,
approximately 8.2% of the outstanding shares of common stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 2.03 &#9;Creation of a Direct Financial Obligation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in Item 1.01 is incorporated by reference
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 9.01 &#9;Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) &#9;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: black">4.1</FONT></TD><TD><FONT STYLE="color: black">Form of </FONT>Demand Promissory Note issued by the Company in favor of the Investors or assigns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-size: 10pt">&nbsp;Date: May 4, 2012</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt">AXION INTERNATIONAL HOLDINGS, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 49%; vertical-align: top; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 7%; text-autospace: none; font-size: 10pt">By:&nbsp;</TD>
    <TD STYLE="width: 44%; vertical-align: top; text-autospace: none; font-size: 10pt">/s/ Donald W. Fallon</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Donald W. Fallon</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit No.&#9;Description</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="color: black">4.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Form
of </FONT>Demand Promissory Note issued by the Company in favor of the Investors or assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;<BR STYLE="mso-special-character:
line-break"></P>



<P STYLE="margin: 0"></P>

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{"company-data": {"conformed-name": "AXION INTERNATIONAL HOLDINGS, INC.", "cik": "0000753048", "assigned-sic": "3086", "irs-number": "840846389", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13111", "film-number": "12812261"}, "business-address": {"street1": "180 SOUTH STREET", "street2": ".", "city": "NEW PROVIDENCE", "state": "NJ", "zip": "07974", "phone": "908-542-0888"}, "mail-address": {"street1": "180 SOUTH STREET", "street2": ".", "city": "NEW PROVIDENCE", "state": "NJ", "zip": "07974"}, "former-company": {"former-conformed-name": "ANALYTICAL SURVEYS INC", "date-changed": "19920703"}}
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 (Date of earliest event
reported): May 4, 2012 (April 30, 2012)
AXION INTERNATIONAL HOLDINGS, INC.
(Exact name of registrant
as specified in its charter)
Colorado
(State or
other jurisdiction
of incorporation)
0-13111
(Commission File
        Number)
84-0846389
(IRS Employer
        Identification No.)
180 South Street,
Suite 104, New Providence, New Jersey
(Address of principal
        executive offices)
07974
(Zip Code)
Registrant's telephone number,
including area code:
(908) 542-0888
Not Applicable
(Former name or former
address, if changed since last report)
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):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 	Entry into a Material Definitive Agreement
On April 25, 2012, Axion International Holdings, Inc. (the "Company")
entered into a Memorandum of Understanding (the "MOU") with Melvin Lenkin ("Lenkin"), Samuel Rose ("Rose")
and Allen Kronstadt ("Kronstadt" and collectively with Lenkin and Rose, the "Investors"). Pursuant to the
MOU, the Company agreed to issue to the Investors or their assigns demand promissory notes (each, a "Demand Note" and
collectively, the "Demand Notes") in the principal amount of $1,666,666 with respect to the Demand Note issued to Lenkin
or assigns, $1,666,667 with respect to the Demand Note issued to Rose or assigns and $1,666,667 with respect to the Demand Note
issued to Kronstadt or assigns.  Interest accrues on the unpaid principal balance of each Demand Note at a rate of 8.00%
per annum. The principal balance of each Demand Note, together with accrued and unpaid interest, is due and payable at any time
after June 30, 2012 on demand. The issuance of such Demand Notes is being made in reliance upon the exemption from registration
afforded by Section 4(2) of the Securities Act of 1933, as amended.
Pursuant to the terms of the MOU, the Company and the Investors
agree to use commercially reasonable efforts to negotiate and execute definitive agreements pursuant to which the Investors shall
severally purchase an aggregate of $10,000,000 of convertible debt from the Company, $5,000,000 of which will be paid for by converting
the outstanding principal balance of the Demand Notes, and $5,000,000 of which will be paid for in cash on December 1, 2012
.
On November 9, 2011, the Company and Rose entered into a Revolving
Credit Agreement pursuant to which Rose agreed to lend up to $2,000,000 to the Company on a revolving basis. The obligations under
the Revolving Credit Agreement are secured pursuant to the Security Agreement, dated November 9, 2011, between the Company and
Rose, and are evidenced by the Revolving Credit Note, dated November 9, 2011, issued by the Company in favor of Rose. The foregoing
documents are attached as Exhibits 10.1, 10.2 and 10.3 to the Company's Quarterly Report on Form 10-Q, filed on November
14, 2011.
Based on the Company's records and a Schedule 13G filed
by Rose and Julie Walters on February 9, 2012, Rose and Julie Walters beneficially own, within the meaning of Rule 13d-3 under
the Securities Exchange Act of 1934, approximately 7.7% of the outstanding shares of common stock of the Company. Based on the
Company's records, Lenkin beneficially owns, within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934,
approximately 8.2% of the outstanding shares of common stock of the Company.
ITEM 2.03 	Creation of a Direct Financial Obligation
The information set forth in Item 1.01 is incorporated by reference
herein.
ITEM 9.01 	Financial Statements and Exhibits
(d) 	Exhibits
4.1
Form of
Demand Promissory Note issued by the Company in favor of the Investors or assigns.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 4, 2012
AXION INTERNATIONAL HOLDINGS, INC.
By:
/s/ Donald W. Fallon
Donald W. Fallon
Chief Financial Officer
Exhibit Index
Exhibit No.	Description
4.1        	Form
of
Demand Promissory Note issued by the Company in favor of the Investors or assigns.