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:
November
16, 2006
MOBILEPRO
CORP.
_________________
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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000-51010
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87-0419571
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(State
of Incorporation)
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(Commission
File Number )
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(IRS
Employer Identification
No.)
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6701
Democracy Blvd., Suite 202
Bethesda,
MD 20817
(Address
of principal executive offices) (Zip Code)
(301)
315-9040
(Registrant's
telephone number)
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following provisions
(see
General
Instruction A.2 below):
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Written communications pursuant to Rule
425
under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant
to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant
to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
8.01. Other Events.
On
November 16, 2006 the Registrant (“Mobilepro”) received net proceeds of
$1,092,750 as partial funding of the second of three
tranches to be paid by Cornell Capital Partners, LP (“Cornell Capital”) under
the terms of a convertible debenture that Mobilepro issued to Cornell Capital
in
connection with a financing of up to $7,000,000 gross proceeds as reported on Form 8-K filed
September 6, 2006 and as amended twice, once to delay payment of the second
tranche of $2,350,000 to February 1, 2007 as reported on Form 8-K filed
September 21, 2006, and second to accelerate payment of 50% of the second
tranche to November 15, 2006, as reported on Form 8-K filed October 24, 2006.
Mobilepro has the right to pay principal and interest under the convertible
debenture either in cash or in shares of Mobilepro’s common stock at the lower of $0.174 per
share, or 93% of the two
lowest
daily volume weighted average prices of its common stock as quoted by Bloomberg,
LP for the five trading days immediately following the scheduled payment date.
Scheduled payments of $125,000 of principal are to be made weekly commencing
January 2, 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 thereunto
duly authorized.
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By: |
/s/ Jay
O.
Wright |
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Jay
O. Wright |
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Chief
Executive Officer |
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MOBILEPRO CORP. |
Date:
November 22, 2006