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Posted On: 08/01/2020 9:45:32 AM
Post# of 36542
Now I know there are going tk be hopeful people wbo will want to say that the Oasis deal is still alive, but I don't think it is anymore. What they had, from the 8K on July 20, 2020, was an agreement to put stock to Oasis under certain conditions. The first condition was a NGIO S-1 filed by EOD July 31, 2020.
"NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:"
1. Definitions of the agreement.
"2. REGISTRATION.
a. Mandatory Registration. The Company shall, by July 31, 2020, file with the SEC an initial Registration Statement on Form S-1 covering the maximum number of Registrable Securities as shall be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor, including but not limited to under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices) (the “Initial Registration Statement”). The Initial Registration Statement shall register only Registrable Securities. The Company shall use its commercially reasonable efforts to have the Initial Registration Statement and any amendment thereto declared effective by the SEC at the earliest possible date."
I would imagine Oasis was concerned about the timeline of an NGIO spin out, as every other investor has seen GNBT drag its heels, and I dont see them wanting to continue with this agreement when the first one of those mutual covenants did not get executed to the agreement.
"NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:"
1. Definitions of the agreement.
"2. REGISTRATION.
a. Mandatory Registration. The Company shall, by July 31, 2020, file with the SEC an initial Registration Statement on Form S-1 covering the maximum number of Registrable Securities as shall be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor, including but not limited to under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices) (the “Initial Registration Statement”). The Initial Registration Statement shall register only Registrable Securities. The Company shall use its commercially reasonable efforts to have the Initial Registration Statement and any amendment thereto declared effective by the SEC at the earliest possible date."
I would imagine Oasis was concerned about the timeline of an NGIO spin out, as every other investor has seen GNBT drag its heels, and I dont see them wanting to continue with this agreement when the first one of those mutual covenants did not get executed to the agreement.
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