Adaptive Medias Inc (fka ADTM)

[ThirdSyte]

https://backend.otcmarkets.com/otcapi/company/sec-filings/12440273/content/html


December 19, 2017, the Circuit Court of Baltimore County, Maryland, entered an order (the “LAM Order”) approving, among other things, the fairness of the terms and conditions of an exchange pursuant to Section 3(a)(10) of the Securities Act of 1933, as amended (the “Securities Act”), in accordance with a stipulation of settlement, pursuant to the Settlement Agreement between the Company and LAM, in the matter entitled Livingston Asset Management LLC v. Adaptive Medias, Inc . (the “LAM Action”). 


LAM commenced the LAM Action against the Company to recover an aggregate of $696,606.85 of past-due obligations and accounts payable of the Company (the “LAM Claim”), which LAM had acquired from certain vendors of the Company pursuant to the terms of separate claims and purchase agreements between LAM and the Company’s vendors (the “LAM Assigned Accounts”). The LAM Assigned Accounts relate to certain contractual obligations provided to the Company. The LAM Order provides for the full and final settlement of the LAM Claim and the LAM Action. The Settlement Agreement became effective and binding upon the Company and LAM upon execution of the LAM Order by the Court on December 19, 2017.

 


Agreement, on December 20, 2017, the Company issued 74,146,000 shares of the Company’s common stock to LAM. Additional tranche requests shall be made as requested by LAM until the LAM Settlement Amount is paid in full.