Tuesday, November 13, 2018 8:06:32 AM
I like to view each investment as a new investment and look at the potential from here-on-out. I have not seen any evidence that the principals of this company have committed any crime, yet, since there is no evidence of that whatsoever. Mismanagement, poor planning, poor understanding of sharks loaning them money, yes I agree all that is possible. But the concept they are pursuing continues to be fascinating, and the investment made by many in this company and related companies is solid. I do not see any evidence of the principals walking away with large sums of money, so all references to fraud is like those stupid folks in FL who claim fraud without a scintilla of evidence.
I see a lot of potential here, and I thank gempicker for focusing on the technology instead of the company's fate. Could you lose all your investment here like in the past, sure you can. But then hopefully you are not still in high school and investing your mama's funds from the cookie jar. Sabby and others could not have agreed to a lock-up agreement unless they saw some potential to recover their monies. Calling them crooks is like the pot calling the kettle black.
From the 10/17/18 8-k filing...
On October 17, 2018, the Company entered into a lock-up agreement with each of Sabby, Ionic, Anson Funds Management LP (“ Anson ”) and Hudson Bay Master Fund Ltd. (“ Hudson Bay ”). Under the lock-up agreements, each of Sabby, Ionic, Anson and Hudson Bay agreed with the Company that for a period of 60 days, such party would to refrain from selling, offering for sale or otherwise transferring any shares of Preferred Stock, shares of the Company’s common stock, Warrants or other securities of the Company. As described above, the lock-up agreements provide that Sabby is permitted to transfer Company securities during (i) the 30-day period following its initial exercise of Warrants under the Sabby Exercise Agreement and (ii) during the second 30-day period of the term of the lock-up agreement, in the event that Ionic does not exercise $600,000 of its Warrants on the 30 th day following the effective date of the Ionic Exercise Agreement and Sabby exercises an additional $600,000 of its Warrants on the following business day. However, if Ionic does exercise $600,000 of its Warrants on the 30 th day following effectiveness, then it, and not Sabby, will be released from the terms of the lock-up for the second 30-day period of the term of the lock-up agreement. In the event that neither Ionic nor Sabby elect to exercise at least $600,000 of the Warrants after the first 30 days of the term of the lock-up agreement, then the lockup will expire as to each of Ionic, Sabby, Anson and Hudson Bay.
Each lock-up agreement also contains also contains “most favored nation” provisions that provide that if the Company offers terms, or any waivers, modifications or amendments, to any of the other signatories to the four lock-up agreements, then it must offer such terms, waivers, modifications or amendments to the signatory of the non-altered lock-up agreement. Each lock-up agreement also contains a release and waiver of any and all claims the Company may have against the counterparty to such lock-up agreement, other than those arising primarily as a result of any material violation of law.
There is no material relationship between the Company or its affiliates and Anson or Hudson Bay, other than in respect of the the lock-up agreement between the Company and such parties described above and such parties’ ownership of Warrants and Preferred Stock. This description of the lock-up agreements does not purport to be complete and is qualified in its entirety by reference to the terms of lock-up agreements, which are attached hereto as Exhibits 10.3, 10.4, 10.5 and 10.6 and are incorporated herein by this reference.
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