Red Cat Holdings Inc (RCAT)

[bonedaddy77]

based on a quick scan of the 8-K/A filed yesterday I don't think that'll happen unless they substantially raise the AS.

They are issuing a ton of Preferred shares to debt holders AND Cavalry Fund even getting ton of warrants to buy cheap common shares.

This Warrant certifies that Cavalry Fund I LP (“Purchaser”), is entitled to purchase from TimeFireVR, Inc. , a Nevada corporation (the “Company”), 563,848,196 shares of Common Stock (or any portion thereof) at an exercise price of $ 0.00027 per share of Common Stock, for a period of five (5) years from the date hereof, all on the terms and conditions hereinafter provided.

Here are the Preferred Series B Shares which convert at 1000 common for every 1 Prefered



1.1 Exchange . Timefire agrees to exchange the Securities held by the Investor for shares of the Company’s Series B in the amounts as designated opposite the name of such Investor on Exhibit A attached hereto and incorporated by reference, and the Investor agrees to exchange its Securities for Series B. The Investor hereby agrees to accept from the Company, and the Company hereby agrees to issue to the Investor, at the closing, the Series B in full satisfaction of any obligations due the Investor as set out in Exhibit A . The exchange contemplated by this transaction shall occur immediately prior to the closing of the Share Exchange Agreement by and among the Company, Red Cat Propware, Inc. (“Red Cat”) and shareholders of Red Cat dated the Effective Date (the “Red Cat Agreement”).



1.2 Convertible Restriction . The Series B shares may not be converted into shares of the Company’s common stock until the Company has taken the action to authorize the increase shares of common stock whether by way of a reverse stock split or otherwise.