Yes but the 8-K just provides a summary descriptio
Post# of 22454
(Total Views: 346)
Posted On: 02/19/2023 10:22:03 AM
Yes but the 8-K just provides a summary description of the agreement. If you want to understand the complete details of the agreement, you need to read the agreement in Ex 10.1 as indicated by this statement that you also quoted from the 8-K.
Ex 10.1 provides the details of expanding the BOD and Pasaca (the Investors) appointing 3 directors "on the initial Closing Date".
The statement in the 8-K, "Pasaca will also have the right to appoint three members to the Company’s Board of Directors ." is true, but to me was poorly placed in the summary writeup that makes it appear that the event might occur at the Second Closing.
My opinion based on the Covenants in the Agreement is that the intend was to restructure the BOD and make the new appointments starting on the Initial Closing Date.
Quote:
8-K:
The foregoing description of the Purchase Agreement and the Convertible Note do not purport to be complete and are qualified in their entirety by the provisions of the Purchase Agreement and the Convertible Note, which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively.
Ex 10.1 provides the details of expanding the BOD and Pasaca (the Investors) appointing 3 directors "on the initial Closing Date".
The statement in the 8-K, "Pasaca will also have the right to appoint three members to the Company’s Board of Directors ." is true, but to me was poorly placed in the summary writeup that makes it appear that the event might occur at the Second Closing.
My opinion based on the Covenants in the Agreement is that the intend was to restructure the BOD and make the new appointments starting on the Initial Closing Date.
(0)
(0)Quantum Materials Corp. (QTMM) Stock Research Links
Scroll down for more posts ▼