Grapefruit USA Inc (GPFT): Pending Litigation On September 13,...

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Tuesday, 11/14/2017 4:24:18 PM

Tuesday, November 14, 2017 4:24:18 PM

Pending Litigation

On September 13, 2017 Alpha Capital Anstalt and Brio Capital Master Fund, LTD two minority members of a group of investors in the Company filed a lawsuit seeking damages and injunctive relief in the United States District Court for the Southern District of New York claiming that the Company breached certain Note and Warrant agreements among the parties to the action. The holders of the majority of the investment involved in the above lawsuit chose not to join in the lawsuit and have informed the Company that they believe the lawsuit to be baseless. The Company believes the lawsuit is without merit and is aggressively defending against it. The litigation is currently in its preliminary pleading stage and the Company is seeking to have the injunctive counts of the lawsuit dismissed for failure to state a cause of action.

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