XpresSpa Group Inc (XSPA)

[VRNG24]

We (shareholders) do not know for a fact that the loan is being paid off in shares. Vringo has the option of making their monthly payment in a) shares, or b) cash. Although most assume that Vringo is paying the loan off in shares, that does not necessarily make it so.

"The principal amount of the outstanding Notes will be repaid monthly, and we may make such payments and related interest payments in cash or, subject to certain conditions, in registered shares of our common stock, at its election. If we choose to repay the Notes in shares of its common stock, the shares will be issued at a 15% discount, based on the then-current market price data of our common stock. We may also repay the Notes in advance of the maturity schedule subject to early repayment penalties."