Cuentas Inc (CUEN): Next Group has kicked the can forward on...

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Arthur

Re: None

Thursday, 08/24/2017 7:45:12 PM

Thursday, August 24, 2017 7:45:12 PM

Next Group has kicked the can forward on its convertible debt for the 6th (?) time ?

On August 15, August 17 & August 21, 2017, Next Group Holdings, Inc, (“NXGH” or the “Company”) signed Convertible Note Redemption and Lock Up Agreements, with four separate Finance Groups that hold an aggregated value of $994,828 in Convertible Notes. These Agreements allow NXGH to buy back up to 75% or 80% of the outstanding notes by Sept. 11, 2017. These finance groups are locked up from converting any notes through Sept. 11, 2017. Regarding LG Capital, Cerberus Financial and Quarum Holdings, starting on Sept. 11, 2017, the conversion price floor will increase from $0.02 per share to $0.10 per share if NXGH raises between $2,000,000-$2,999,999 and will increase to $0.15 per share if NXGH is successful in raising $3 million by Sept. 11, 2017. In the case of Mountain Ranch, the conversion price will be at $0.10 per share.