The wait for Greenshift to become current- shouldn't be too much longer- in order to fulfill this deal they would have to be current and be able to register shares before 11/22/2018.
Will a court settlement be reached before then ? That is the date I expect dilution faucet to be running.. Then like lots of companies its a race between growth & dilution and which will arrive faster.
On and subject to the terms and conditions of the SPA and related transaction documents, at the Closing, GreenShift issued to the Company a subordinate secured convertible debenture in the original principal amount of $10,000,000 (“Debenture”). Commencing November 22, 2018, the Debenture shall be convertible into GreenShift’s common stock at the sole and exclusive option of the holder in one or more installments up to 9.9% of the GreenShift’s issued and outstanding common stock at the time of conversion (when taken with any other shares of GreenShift common stock held by the holder at the time of conversion). The Debenture converts into GreenShift common stock at the greater of (i) $0.10 per share or (ii) 100% of the lowest closing market price per share for the GreenShift common stock for the thirty (30) Trading Days preceding conversion. The Debenture shall accrue interest at the lesser of 2% or the minimum allowable rate under applicable law, and shall be waived if the GreenShift Debenture is converted or otherwise fully paid on or before June 30, 2028. The Debenture shall be exclusively paid in the form of GreenShift common stock, provided, however, that the principal balance due under the Debenture shall be reduced on a dollar for dollar basis in an amount equal to any distributions paid as provided for in the SPA and JVCo Agreements.
