The company issues a press release this week talking about some inappropriate stock trading which I guess they are blaming on the stock price decline.
What about this disclosure that they made recently, ANY CHANCE THAT IS THE REASON THE STOCK WENT DOWN
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
As previously disclosed, on February 3, 2023, 1847 Holdings LLC (the “Company”) issued a promissory note in the principal amount of $104,000 to Mast Hill Fund, L.P. (“Mast Hill”) and a promissory note in the principal amount of $500,000 to Leonite Fund I, LP (“Leonite”). These promissory notes (the “February 3 Notes”) are convertible into the Company’s common shares only upon an Event of Default (as defined in the February 3 Notes).
On August 4, 2023, the Company received notices (the “August 4 Notices”) from Mast Hill and Leonite that an Event of Default has occurred under the February 3 Notes for failure to make certain payments when due. Notwithstanding the foregoing, Mast Hill and Leonite agreed that they will not require any payments in cash for the over-due amounts or accelerate the payments due under the February 3 Notes for a period of 60 days. Since an Event of Default has occurred, Mast Hill and Leonite have the right to convert the February 3 Notes, including the over-due amounts, into common shares at their election.
As previously disclosed, on February 9, 2023, the Company issued a promissory note in the principal amount of $1,390,909 to Mast Hill and a promissory note in the principal amount of $1,166,667 to Leonite. These promissory notes (the “February 9 Notes”) are convertible into the Company’s common shares only upon an Event of Default (as defined in the February 9 Notes).
On August 9, 2023, the Company received notices (the “August 9 Notices”) from Mast Hill and Leonite that an Event of Default has occurred under the February 9 Notes for failure to make certain payments when due. Notwithstanding the foregoing, Mast Hill and Leonite agreed that they will not require any payments in cash for the over-due amounts or accelerate the payments due under the February 9 Notes for a period of 60 days. Since an Event of Default has occurred, Mast Hill and Leonite have the right to convert the February 9 Notes, including the over-due amounts, into common shares at their election.
As previously disclosed, on February 22, 2023, the Company issued a promissory note in the principal amount of $878,000 to Mast Hill (the “February 22 Note”). The February 22 Note is convertible into the Company’s common shares only upon an Event of Default (as defined in the February 22 Note).
On August 10, 2023, the Company received a notice (the “August 10 Notice”) from Mast Hill that an Event of Default has occurred under the February 22 Note for failure to make certain payments when due. Notwithstanding the foregoing, Mast Hill agreed that it will not require any payments in cash for the over-due amounts or accelerate the payments due under the February 22 Note for a period of 60 days from August 9, 2023. Since an Event of Default has occurred, Mast Hill has the right to convert the February 22 Note, including the over-due amounts, into common shares at its election.
I guess Ellery Roberts wants to blame some type of manipulation, and just avoid discussing or noting the default that 1847 is facing.
I guess Ellery doesn't want to disclose the discount to market convertible notes that he has entered into.
It's easy to blame someone and everyone else, but the blame should be with Ellery and all his decisions because anyone with some knowledge of convertible notes knows that most public companies that enter into these types of convertible notes almost always end with a stock price decline.
I never manipulated EFSH stock, I just knew it was going to decline because of the balance sheet and convertible notes that they entered into with Mast Hill.
What a waste of EFSH time and money doing an investigation into stock manipulation. And even if he was right and there was stock manipulation, there is no recourse or anything that EFSH will get back.
Stock is down and that is all there is to it. TAKE RESPONSIBILITY FOR YOUR ACTIONS ie entering into toxic finance deals and not being able to pay off your debt.
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