On February 4, 2019, Continuity Logic, LLC, a New Jersey Limited Liability Company (“Continuity Logic”), sent written notice to the registrant, Fision Corporation, a Delaware corporation (“Fision”), that Continuity Logic has elected to terminate the First Amended and Restated Agreement and Plan of Merger, dated December 21, 2018, between Fision and Continuity Logic (the “Merger Agreement”). The notice stated that Continuity Logic was electing to exercise its right to terminate the Merger Agreement by reason of the merger not being consummated by December 31, 2018, among other reasons.
The termination of the Merger Agreement will not affect the continuing rights that Fision has under certain secured bridge loans made by Fision to Continuity Logic in contemplation of the merger to support Continuity Logic’s working capital needs. Fision has loaned Continuity Logic an aggregate of $824,300, whereby $20,000 has been paid back, with a remaining balance of $804,300, which bears interest at a rate equal to 6% per annum and which becomes due on August 31, 2019. Such loans are secured by a first-priority perfected security interest in Continuity Logic’s accounts receivable.
Recent FSSN News
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/15/2023 11:47:54 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 06/29/2023 12:55:59 PM
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM