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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp; &nbsp; &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">Washington, D.C. 20549</P>

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

<P STYLE="font: 18pt 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">&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">&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): March 9, 2012</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; text-align: center"><FONT STYLE="font-size: 18pt"><B>PIMI AGRO
CLEANTECH, INC.</B></FONT><FONT STYLE="font-size: 10pt"> </FONT></P>

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

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

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    <TD STYLE="width: 33%; text-align: center; padding: 0; text-indent: 0">&nbsp; <U>Delaware</U></TD>
    <TD STYLE="width: 34%; text-align: center; padding: 0; text-indent: 0">&nbsp; <U>333-158986</U></TD>
    <TD STYLE="width: 33%; text-align: center; padding: 0; text-indent: 0">&nbsp; <U>26-4684680</U></TD></TR>
<TR>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp; (Commission File Number)</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp; (IRS Employer Identification No.)</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; text-align: center">269 South Beverly Drive, Suite 1091</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Beverly Hills, California 90212</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices
and Zip Code)</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; text-align: center">Registrant's telephone number, including
area code (310) 203-8278</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">Copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jonathan R. Shechter, Esq.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1 Penn Plaza, 25<SUP>th</SUP> Fl.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10019</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Phone: (212) 244-4111</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fax: (212) 563-7108</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; text-align: justify">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>

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Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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Exchange Act (17 CFR 240.14a-12)</TD>
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<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

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<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.75in; text-align: left; padding: 0; text-indent: 0">ITEM 1.01</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</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; text-align: justify">On March 9, 2012, Pimi Agro CleanTech,
Inc. (the &ldquo;Company&rdquo;) completed a closing (the &ldquo;Closing&rdquo;) of its private placement (the &ldquo;Private Offering&rdquo;)
in the aggregate amount of $626,000 (the &ldquo;Financing&rdquo;). The Company issued 62,600 shares of convertible preferred stock
(&ldquo;Series A Preferred Stock&rdquo;) par value $0.01 (&ldquo;Common Stock&quot;) at a purchase price of $10.00 per share to
19 accredited investors and 19 non-accredited investors (the &ldquo;Subscribers&rdquo;). Financial West Group, a FINRA registered
broker dealer, served as placement agent in connection with the Private Offering.</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; text-align: justify">On December 15, 2011, the Company filed
a Certificate of Designation with the Secretary of State of Delaware in connection with the Series A Preferred Stock. The holders
of shares of Series A Preferred Stock shall be entitled to receive dividend cash payments of 9% per annum, payable in quarterly
installments, and subject to conversion.</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; text-align: justify">Upon the closing of the Company<FONT STYLE="letter-spacing: -0.1pt">'s
next round of financing, </FONT>provided such closing occurs within twelve (12) months following the execution of the Closing in
which Subscribers receive the Series A Preferred Stock, and further subject to minimum proceeds of $2,000,000 being raised in such
investment <FONT STYLE="letter-spacing: -0.1pt">(the &quot;Next Round of</FONT> Financing&quot;), the Series A Preferred Stock
shall automatically be converted into fully paid, nonasseable shares of Common Stock, $0.01 par value per share, of the Company
(&ldquo;Common Stock&rdquo;). The number of such Conversion Shares shall be determined by dividing the investment amount of the
holder of the Series A Preferred Stock (the &quot;Investment&quot;) by either (a) 80% of the closing price per share of the Company's
common stock in Next Round of Financing or (b) dividing each holder&rsquo;s Investment amount by $0.80, whichever is lower. In
the event that the closing of the Next Round of Financing has not occurred by November 30, 2012, each share of Series A Preferred
Stock shall automatically be converted into fully paid, nonassesable shares of Common Stock. Notwithstanding, the holders of Series
A Preferred Stock shall be entitled to convert each share of the Series A Preferred Stock into fully paid, nonassesable share of
Common Stock, at a price of $0.80 per share.</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; text-align: justify">All and any shares of Series A Preferred
Stock shall be automatically converted to the Common Stock and canceled on November 30, 2012, and, if converted to the Common Stock
on an earlier date, the shares so converted shall be canceled on the date of their respective conversion.</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; text-align: justify">In the event of any voluntary or involuntary
liquidation, dissolution, or winding up of the Company, the holders of shares of the Series A Preferred Stock then outstanding
shall be entitled to be paid, out of the assets of the Company available for distribution to its stockholders, whether from capital,
surplus or earnings, an amount equal to $10.00 per share. The Series A Preferred Stock shall, with respect to distribution rights
on liquidation, winding up and dissolution, (i) rank senior to any of the shares of Common Stock of the Company, and any other
class or series of stock of the Company which by its terms shall rank junior to the Series A Preferred Stock, and (ii) rank junior
to any other series or class of preferred stock of the Company and any other class or series of stock of the Company which by its
term shall rank senior to the Series <FONT STYLE="text-transform: uppercase">A</FONT> Preferred Stock.</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; text-align: justify">On March 7, 2012, the Company filed a Certificate
of Amendment to the Certificate of Designation with the Secretary of State of Delaware in order to increase the number of designated
Series A Preferred Stock from 60,000 to 62,600.</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; text-align: justify">The Company claims an exemption from the
registration requirements of the Securities Act of 1933, as amended,&nbsp;&nbsp;for the private placement of the above-referenced
Series A Preferred Stock pursuant to Section 4(2) of the Act and/or Regulation D promulgated thereunder since, among other things,
the transaction did not involve a public offering, the investors were sophisticated investors, the investors had access to information
about us and their investment, the investors took the securities for investment and not resale, and management took appropriate
measures to restrict the transfer of the securities.</P>

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

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<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.75in; text-align: left; padding: 0; text-indent: 0">ITEM 3.02</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">UNREGISTERED SALES OF EQUITY SECURITIES</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">See Item 1.01 above. The information included in Item 1.01 of
this current report on Form 8-K is incorporated by reference into this Item 3.02.</P>

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

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<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.75in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="text-transform: uppercase"><B>Item 5.03</B></FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="text-transform: uppercase"><B>Amendments
to Articles of InCompany or Bylaws; Change in Fiscal Year.</B></FONT></TD>
</TR></TABLE>

<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; text-align: justify">See Item 1.01 above. The information included
in Item 1.01 of this current report on Form 8-K is incorporated by reference into this Item 5.03.</P>

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

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<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.75in; text-align: left; padding: 0; text-indent: 0">ITEM 9.01</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></TD>
</TR></TABLE>

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



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

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<TD STYLE="width: 0.25in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; text-align: left; padding: 0; text-indent: 0">a)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">Financial statements.</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp; &nbsp; &nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

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

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<TD STYLE="width: 0.25in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; text-align: left; padding: 0; text-indent: 0">(b)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">Pro forma financial information.</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">Not applicable.</P>

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

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<TD STYLE="width: 0.25in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; text-align: left; padding: 0; text-indent: 0">(c)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">Exhibits.</TD>
</TR></TABLE>


<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; text-align: justify"></P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-bottom: black 2.25pt double; padding: 0; font-weight: bold; text-indent: 0">Exhibit Number</TD>
    <TD STYLE="width: 2%; border-bottom: black 2.25pt double; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 85%; border-bottom: black 2.25pt double; padding: 0; font-weight: bold; text-indent: 0">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">3.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Certificate of Designation, filed with the Secretary of State of Delaware on December 15, 2011.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">3.2</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Certificate of Amendment to the Certificate of Designation, filed with the Secretary of State of Delaware on March 7, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">10.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Form of Subscription Agreement, by and between Pimi Agro Cleantech, Inc. and the subscribers thereto.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</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; text-align: justify"></P>

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

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<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">&nbsp;</P>

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

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

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

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    <TD STYLE="text-indent: 0; padding: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; padding: 0; text-indent: 0">Pimi Agro Cleantech, Inc.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-indent: 0; padding: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="text-indent: 0; padding: 0">Date: March 12, 2012</TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Youval Saly</P></TD></TR>
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    <TD STYLE="text-align: center; padding: 0; text-indent: 0">Youval Saly</TD></TR>
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    <TD STYLE="text-align: center; padding: 0; text-indent: 0">Chief&nbsp;Executive Officer</TD></TR>
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{"company-data": {"conformed-name": "PIMI AGRO CLEANTECH, INC.", "cik": "0001463191", "assigned-sic": "0700", "irs-number": "264684680", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35138", "film-number": "12683552"}, "business-address": {"street1": "269 SOUTH BEVERLY DRIVE", "street2": "SUITE 1091", "city": "BEVERLY HILLS", "state": "CA", "zip": "90212", "phone": "(310) 203-8278"}, "mail-address": {"street1": "269 SOUTH BEVERLY DRIVE", "street2": "SUITE 1091", "city": "BEVERLY HILLS", "state": "CA", "zip": "90212"}}
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): March 9, 2012
PIMI AGRO
CLEANTECH, INC.
(Exact name of registrant as specified in
its charter)
Delaware
333-158986
26-4684680
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
269 South Beverly Drive, Suite 1091
Beverly Hills, California 90212
(Address of principal executive offices
and Zip Code)
Registrant's telephone number, including
area code (310) 203-8278
Copies to:
Jonathan R. Shechter, Esq.
Shiboleth LLP
1 Penn Plaza, 25
th
Fl.
New York, New York 10019
Phone: (212) 244-4111
Fax: (212) 563-7108
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 March 9, 2012, Pimi Agro CleanTech,
Inc. (the "Company") completed a closing (the "Closing") of its private placement (the "Private Offering")
in the aggregate amount of $626,000 (the "Financing"). The Company issued 62,600 shares of convertible preferred stock
("Series A Preferred Stock") par value $0.01 ("Common Stock") at a purchase price of $10.00 per share to
19 accredited investors and 19 non-accredited investors (the "Subscribers"). Financial West Group, a FINRA registered
broker dealer, served as placement agent in connection with the Private Offering.
On December 15, 2011, the Company filed
a Certificate of Designation with the Secretary of State of Delaware in connection with the Series A Preferred Stock. The holders
of shares of Series A Preferred Stock shall be entitled to receive dividend cash payments of 9% per annum, payable in quarterly
installments, and subject to conversion.
Upon the closing of the Company
's
next round of financing,
provided such closing occurs within twelve (12) months following the execution of the Closing in
which Subscribers receive the Series A Preferred Stock, and further subject to minimum proceeds of $2,000,000 being raised in such
investment
(the "Next Round of
Financing"), the Series A Preferred Stock
shall automatically be converted into fully paid, nonasseable shares of Common Stock, $0.01 par value per share, of the Company
("Common Stock"). The number of such Conversion Shares shall be determined by dividing the investment amount of the
holder of the Series A Preferred Stock (the "Investment") by either (a) 80% of the closing price per share of the Company's
common stock in Next Round of Financing or (b) dividing each holder's Investment amount by $0.80, whichever is lower. In
the event that the closing of the Next Round of Financing has not occurred by November 30, 2012, each share of Series A Preferred
Stock shall automatically be converted into fully paid, nonassesable shares of Common Stock. Notwithstanding, the holders of Series
A Preferred Stock shall be entitled to convert each share of the Series A Preferred Stock into fully paid, nonassesable share of
Common Stock, at a price of $0.80 per share.
All and any shares of Series A Preferred
Stock shall be automatically converted to the Common Stock and canceled on November 30, 2012, and, if converted to the Common Stock
on an earlier date, the shares so converted shall be canceled on the date of their respective conversion.
In the event of any voluntary or involuntary
liquidation, dissolution, or winding up of the Company, the holders of shares of the Series A Preferred Stock then outstanding
shall be entitled to be paid, out of the assets of the Company available for distribution to its stockholders, whether from capital,
surplus or earnings, an amount equal to $10.00 per share. The Series A Preferred Stock shall, with respect to distribution rights
on liquidation, winding up and dissolution, (i) rank senior to any of the shares of Common Stock of the Company, and any other
class or series of stock of the Company which by its terms shall rank junior to the Series A Preferred Stock, and (ii) rank junior
to any other series or class of preferred stock of the Company and any other class or series of stock of the Company which by its
term shall rank senior to the Series
A
Preferred Stock.
On March 7, 2012, the Company filed a Certificate
of Amendment to the Certificate of Designation with the Secretary of State of Delaware in order to increase the number of designated
Series A Preferred Stock from 60,000 to 62,600.
The Company claims an exemption from the
registration requirements of the Securities Act of 1933, as amended,  for the private placement of the above-referenced
Series A Preferred Stock pursuant to Section 4(2) of the Act and/or Regulation D promulgated thereunder since, among other things,
the transaction did not involve a public offering, the investors were sophisticated investors, the investors had access to information
about us and their investment, the investors took the securities for investment and not resale, and management took appropriate
measures to restrict the transfer of the securities.
ITEM 3.02
UNREGISTERED SALES OF EQUITY SECURITIES
See Item 1.01 above. The information included in Item 1.01 of
this current report on Form 8-K is incorporated by reference into this Item 3.02.
Item 5.03
Amendments
to Articles of InCompany or Bylaws; Change in Fiscal Year.
See Item 1.01 above. The information included
in Item 1.01 of this current report on Form 8-K is incorporated by reference into this Item 5.03.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
a)
Financial statements.
Not applicable.
(b)
Pro forma financial information.
Not applicable.
(c)
Exhibits.
Exhibit Number
Description
3.1
Certificate of Designation, filed with the Secretary of State of Delaware on December 15, 2011.
3.2
Certificate of Amendment to the Certificate of Designation, filed with the Secretary of State of Delaware on March 7, 2012.
10.1
Form of Subscription Agreement, by and between Pimi Agro Cleantech, Inc. and the subscribers thereto.
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.
Pimi Agro Cleantech, Inc.
Date: March 12, 2012
By:
/s/
Youval Saly
Youval Saly
Chief Executive Officer