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Posted On: 03/21/2023 12:24:54 PM
Post# of 2062
Some info from a poster replying to my post on another board.
Tuesday, March 21, 2023 11:47:16 AM
I suggest you send that info over to OTCMarkets. They may not do anything regarding their current status immediately, but it will go on their watchlist and will result in a quicker yank from the Pink Current in the future.
A Corporation that is not in good standing with their State of Incorporation cannot legally enter into any business contracts. That would certainly preclude Mexus from signing any new toxic note deals. BUT, it also puts them into technical default on their existing notes. The convertible note agreements require the company to not only file all their required SEC filings on time, but to remain in good standing with their State of Incorporation.
Oopsie.
If any of the toxic lenders are aware of this and decide to notify Mexus of their breach of contract, 100% of those notes become due immediately. The toxic lenders may then race each other to Federal Court to sue Mexus and be first in line for the (few) assets they have and any collateral that was pledged against those loans, as Mexus has very little of value, so the first in line would get it.
The end of Mexus is approaching. Quickly.
Tuesday, March 21, 2023 11:47:16 AM
I suggest you send that info over to OTCMarkets. They may not do anything regarding their current status immediately, but it will go on their watchlist and will result in a quicker yank from the Pink Current in the future.
A Corporation that is not in good standing with their State of Incorporation cannot legally enter into any business contracts. That would certainly preclude Mexus from signing any new toxic note deals. BUT, it also puts them into technical default on their existing notes. The convertible note agreements require the company to not only file all their required SEC filings on time, but to remain in good standing with their State of Incorporation.
Oopsie.
If any of the toxic lenders are aware of this and decide to notify Mexus of their breach of contract, 100% of those notes become due immediately. The toxic lenders may then race each other to Federal Court to sue Mexus and be first in line for the (few) assets they have and any collateral that was pledged against those loans, as Mexus has very little of value, so the first in line would get it.
The end of Mexus is approaching. Quickly.
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