It looks like AMBS owes the note holders a 2% pena
Post# of 30070
Posted On: 06/06/2016 5:10:00 PM
It looks like AMBS owes the note holders a 2% penalty after today.
From the last purchase agreement:
"The Company shall increase its authorized but unissued and non-reserved shares of Common Stock pursuant to and in accordance with all applicable state and federal rules, laws, regulations by filing a Certificate of Amendment with the proper authorities in Nevada (the “Increase”), which Increase shall be completed and effective no later than on or before June 6, 2016. The Company and the Investor acknowledge and agree that the failure of the Increase to be effective on or before June 6, 2016 shall constitute an Event of Default under the Note and a Material Adverse Effect and in addition to such other remedies available to the Purchasers, the Company shall pay to each Purchaser two (2%) percent of such Purchaser’s aggregate principal amount of Notes outstanding owned by such Purchaser. This provision shall also apply to each other time the Company does not have the Required Reserve Amount, except the period from notice to the Company to the effective date of any Required Reserve Amount shall be no more than 60 days."
From the last purchase agreement:
"The Company shall increase its authorized but unissued and non-reserved shares of Common Stock pursuant to and in accordance with all applicable state and federal rules, laws, regulations by filing a Certificate of Amendment with the proper authorities in Nevada (the “Increase”), which Increase shall be completed and effective no later than on or before June 6, 2016. The Company and the Investor acknowledge and agree that the failure of the Increase to be effective on or before June 6, 2016 shall constitute an Event of Default under the Note and a Material Adverse Effect and in addition to such other remedies available to the Purchasers, the Company shall pay to each Purchaser two (2%) percent of such Purchaser’s aggregate principal amount of Notes outstanding owned by such Purchaser. This provision shall also apply to each other time the Company does not have the Required Reserve Amount, except the period from notice to the Company to the effective date of any Required Reserve Amount shall be no more than 60 days."
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