$TAUG Tauriga Sciences, Inc.’s Board of Directors Unanimously Votes to Terminate Its Equity Line of Credit Due to Substantially Improved Fundamentals, Macro-Business Outlook, and Balance Sheet
https://www.otcmarkets.com/stock/TAUG/news/Ta...?id=285407
NEW YORK, NY, Jan. 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Tauriga Sciences, Inc. (OTCQB: TAUG) (“Tauriga” or the “Company”), a revenue generating, diversified life sciences company, with a proprietary line of functional “supplement” chewing gums (Flavors: Pomegranate, Blood Orange, Peach-Lemon, Pear Bellini, Mint, Black Currant) as well as two ongoing Biotechnologies initiatives, today announced that its Board of Directors (“BOD”) has unanimously voted to terminate its Equity Line of Credit (“ELOC” or “investment Agreement”) due to substantially improved fundamentals, macro-business outlook, and corporate balance sheet. On November 18, 2020 the Company had filed a Form 8-K, disclosing its decision to amend its Investment Agreement to reduce the maximum number of registered shares that are salable thereunder from 76,000,000 shares to 43,000,000 shares (corresponding maximum ELOC dollar amount was reduced from $5,000,000 to $3,000,000 – at that time).
However, due to the recent improvements noted above, the Company’s BOD has further determined to terminate the Investment Agreement Entirely – pursuant to which the ELOC was established. Accordingly, the Company will withdraw its S-1 Registration Statement related to this ELOC.
Link to Form 8-K (Filed on 11/18/2020): https://www.sec.gov/Archives/edgar/data/11427...orm8k.htm)
Once this termination is complete, the 43,000,000 shares of TAUG common stock (reserved for the ELOC), will be returned to Treasury and available for future issuance or reserve, if and as needed.
The Company believes that this corporate action sends a message to the investing public, that management is becoming increasingly confident about the Company’s future. Management has eliminated, through this corporate action, the potential open market pressure that an ELOC may create.
https://www.otcmarkets.com/stock/TAUG/news/Ta...?id=285407
NEW YORK, NY, Jan. 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Tauriga Sciences, Inc. (OTCQB: TAUG) (“Tauriga” or the “Company”), a revenue generating, diversified life sciences company, with a proprietary line of functional “supplement” chewing gums (Flavors: Pomegranate, Blood Orange, Peach-Lemon, Pear Bellini, Mint, Black Currant) as well as two ongoing Biotechnologies initiatives, today announced that its Board of Directors (“BOD”) has unanimously voted to terminate its Equity Line of Credit (“ELOC” or “investment Agreement”) due to substantially improved fundamentals, macro-business outlook, and corporate balance sheet. On November 18, 2020 the Company had filed a Form 8-K, disclosing its decision to amend its Investment Agreement to reduce the maximum number of registered shares that are salable thereunder from 76,000,000 shares to 43,000,000 shares (corresponding maximum ELOC dollar amount was reduced from $5,000,000 to $3,000,000 – at that time).
However, due to the recent improvements noted above, the Company’s BOD has further determined to terminate the Investment Agreement Entirely – pursuant to which the ELOC was established. Accordingly, the Company will withdraw its S-1 Registration Statement related to this ELOC.
Link to Form 8-K (Filed on 11/18/2020): https://www.sec.gov/Archives/edgar/data/11427...orm8k.htm)
Once this termination is complete, the 43,000,000 shares of TAUG common stock (reserved for the ELOC), will be returned to Treasury and available for future issuance or reserve, if and as needed.
The Company believes that this corporate action sends a message to the investing public, that management is becoming increasingly confident about the Company’s future. Management has eliminated, through this corporate action, the potential open market pressure that an ELOC may create.
