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Tuesday, August 27, 2019 11:33:40 AM
The Board believes that the Company will need to raise additional capital in order to implement its business plan and is contemplating various alternatives to raise capital, including a potential private placement of shares of common stock or securities convertible into shares of common stock. Currently, we have no specific plans, arrangements or understandings, whether written or oral, with respect to the increase in shares available for issuance as a result of the Increased Capitalization Charter Amendment. In addition, there is no present agreement to issue any material amount of shares of Class A common stock, with the exception of the shares of Class A common stock issuable upon conversion of the warrants and Series B preferred stock issued or issuable pursuant to the securities purchase agreement dated as of October 5, 2018 and as amended on May 9, 2019, details of which may be found in the Company’s Current Reports on Form 8-K filed on October 9, 2018 and May 10, 2019.
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