Saleen Automotive, Inc. (fka SLNN)

[DaReal]

Actually No, they transferred all Assets into this SM Funding Group, Inc. Per the 8K shareholder are left with as little as 3% of the Co. Read the 8K very carfully , especially ALL the Terms!
It's pretty bad for shareholders imo.
The LOI clearly states that it doesn't cover the Bank Loan maybe that's the reason why they are moving all Assets out of the SLNN shell?
A/S will have to be increased even further per the 8K to cover all conversions. They only issue preferred shared which won't be effected by a R/S at one point.

384,211.645 shares of Super Voting Preferred Stock, convertible into common stock at ratio of 1,000:1...
The outstanding shares of Super Voting Preferred Stock shall convert into Common Stock of the Company in accordance with the terms

Free giveaway of Black Label Mustangs or acceptable equivalent for certain Terms...

The Company shall pay consulting fees to Cyrano Group Inc., an affiliate of SM Funding, in the amount of $25,000 per month for a period of not less than 24 months...

SM Funding Group shall be reimbursed in full by the Company for all out of pocket expenses, not to exceed $200,000

Read the 8k very careful is all i can say.

Imo, not good at all for common Shareholders since they are left with basically nothing per the 8K.

JMHO

GL to all