Generex Biotechnology Responds to Demand for Payme
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Posted On: 02/04/2019 2:00:14 PM
Generex Biotechnology Responds to Demand for Payment
1:53 PM ET, 02/04/2019 - GlobeNewswire
- Challenges notice from Alpha Capital
MIRAMAR, FL, Feb. 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Generex Biotechnology Corporation (www.generex.com) (OTCQB: GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) provided a response to the demand for payment from Alpha Capital Anstalt. As reported in our 8-K filed on January 31, 2019, Generex (GNBT) received a demand, on January 25, 2019, from Alpha Capital for immediate repayment of Generex’s Note Due October 26, 2019 (“Note”), coupled with an intent to sue Generex if payment was not made. Although Generex has not defaulted in any payment, Alpha Capital called a default under the Note based on terms stating that Generex must up-list to the NASDAQ market within a specified time. If litigation ensues, Generex intends to assert affirmative defenses that Alpha took aggressive actions to intentionally harm Generex as the company executed on it plan to up-list to NASDAQ, intentionally frustrating key elements necessary for the up-listing. CEO Joseph Moscato personally guaranteed the instrument with his own personal shares.
Mr. Moscato stated, “We believe actions taken by Alpha Capital harmed the company and our stock price, forced us to delay our common stock dividend and have led to other consequences which delayed our plans to up-list to NASDAQ. Generex will defend itself and aggressively pursue recourse if there are any future actions by Alpha Capital. I have a commitment to the shareholders of Generex, as evidenced by the significant progress we have made in reorganizing the company and rewarding shareholders with value, share dividends and execution on our strategy. My committed management team and I will continue our work to realize the full potential of Generex and the NuGenerex family of subsidiary companies.”
1:53 PM ET, 02/04/2019 - GlobeNewswire
- Challenges notice from Alpha Capital
MIRAMAR, FL, Feb. 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Generex Biotechnology Corporation (www.generex.com) (OTCQB: GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) provided a response to the demand for payment from Alpha Capital Anstalt. As reported in our 8-K filed on January 31, 2019, Generex (GNBT) received a demand, on January 25, 2019, from Alpha Capital for immediate repayment of Generex’s Note Due October 26, 2019 (“Note”), coupled with an intent to sue Generex if payment was not made. Although Generex has not defaulted in any payment, Alpha Capital called a default under the Note based on terms stating that Generex must up-list to the NASDAQ market within a specified time. If litigation ensues, Generex intends to assert affirmative defenses that Alpha took aggressive actions to intentionally harm Generex as the company executed on it plan to up-list to NASDAQ, intentionally frustrating key elements necessary for the up-listing. CEO Joseph Moscato personally guaranteed the instrument with his own personal shares.
Mr. Moscato stated, “We believe actions taken by Alpha Capital harmed the company and our stock price, forced us to delay our common stock dividend and have led to other consequences which delayed our plans to up-list to NASDAQ. Generex will defend itself and aggressively pursue recourse if there are any future actions by Alpha Capital. I have a commitment to the shareholders of Generex, as evidenced by the significant progress we have made in reorganizing the company and rewarding shareholders with value, share dividends and execution on our strategy. My committed management team and I will continue our work to realize the full potential of Generex and the NuGenerex family of subsidiary companies.”
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