Grapefruit USA Inc (GPFT)

[CashBowski]

News:

- Settlement reached for ~8 million convertible shares to be issued to Brio/Alpha/Honig at .164

Further, Alpha and Brio, with the full and complete cooperation of IGNG, shall promptly commence an action against IGNG in the Superior Court of the State of California (the “Settlement Court”) seeking the Settlement Court’s approval of this Agreement pursuant to Section 3(a)(10) of the Securities Act of 1933 which will, essentially, allow IGNG to reissue the above shares to Alpha and Brio without restriction.

IGNG management believes this cooperative proceeding will be completed by mid-July, 2019.

- No closing date of IGNG-GBI merger as of today’s PR:

IGNG and GBI will now proceed to sign a definitive share exchange agreement and close the Acquisition on an expedited basis.

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- No other mention of how the remaining significant liabilities disclosed in yesterday’s 10K which they’ve also previously mentioned in their PR’s, including convertible notes were negotiated. Are these note holders starting to convert since company is up to date with reporting requirements?

Here’s a good read on Section 3(a)(10) suits which I’ve studied in the past few years:

https://repository.law.umich.edu/cgi/viewcontent.cgi?article=1039&context=mbelr