XpresSpa Group Inc (XSPA)

[JP33]

I would suspect if we see no pacer that a deal is done.

1. If a deal is not done, an extension would be requested

2. If a deal is done, filing a document with the court either on time or late to say it is done is moot, as whatever penalty might be ascribed for being late with a submission would not matter any longer.

3. A PR would be likely provided premarket Monday if they completed something today or are over the weekend.

No pacer in my view is good news as this means a deal is to be announced shortly.

That being said, I also suspect any settlement won't be material monetarily.

1. These are the same patents as ADT/TYCO which got VRNG 800k as a one time payment

2. Market has clearly ascribed similar value / little value given the price did not move on the news of an agreement in principal.

3. As I have said many times, assuming one is 'smarter than the market / the market doesn't get it' is a road to disappointement.

In the end, positive that we get a little bit more cash in the door but it won't do anything material for us in my view.