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Posted On: 03/17/2017 11:13:48 AM
Post# of 30038
Bornet -
I agree that you read the termination provision incorrectly. It isn't that the nonbinding LOI becomes binding after 14 days. It only means they can terminate the LOI within 14 days of certain listed events happening.
As for your question about the CFO and directors, what you write below isn't exactly correct.
The appointment of the CFO and two board members wasn't contingent on the bridge financing.
Once they make the bridge financing, they get to add 2 MORE directors.
The CFO is in and the two new directors are in per PR and then the SEC filings.
Look for 2 additional SeD appointments following funding of the bridge.
I agree that you read the termination provision incorrectly. It isn't that the nonbinding LOI becomes binding after 14 days. It only means they can terminate the LOI within 14 days of certain listed events happening.
As for your question about the CFO and directors, what you write below isn't exactly correct.
The appointment of the CFO and two board members wasn't contingent on the bridge financing.
Once they make the bridge financing, they get to add 2 MORE directors.
The CFO is in and the two new directors are in per PR and then the SEC filings.
Look for 2 additional SeD appointments following funding of the bridge.
Quote:
The Feb 27 PR was to announce the LOI and details of the agreement. The appointments of a CFO and two BOD was conditional to SeD giving the bridge financing in the amount of $500k. That hadn't happened yet at the time of the LOI PR. If indeed we have two BOD and a CFO, there should be a PR on the bridge financing and the appointments.
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