Please tell me how they will up-list with a share price under .02.
To be listed on the NASDAQ exchange and reporting system, the following requirements:
Shareholders Equity of at least $2,000,000 check
At least 100,000 shares of public float check
A minimum of 300+ shareholders check
Total assets of $4,000,000 ????
At least two market makers check
$3 minimum bid price of the company stock - not without a reverse split.
Public float market value of $1,000,000 check
From the most recent 8ks
October 30, 2019: Nutribrands acquisition announcemeent
Furthermore, pursuant to the Agreement, beginning one year after the Closing Date, until the five-year anniversary thereof, the Sellers shall have the opportunity to receive an annual dividend of up to $4.5 million per year based upon the cumulative consolidated financial performance of the Companies;[color=red][/color] provided, however, such dividend shall not exceed an aggregate of $18 million.
So up to 18 Million of revenues not limited to Nutribrand products to be paid to sellers over next 5 years.
September 17th, 2019
On September 17, 2019, Verus International, Inc. (the “Company”) entered into securities purchase agreements (the “Securities Purchase Agreements”) with accredited investors pursuant to which the Company issued and sold convertible promissory notes in the aggregate principal amount of $660,000[color=red][/color] (including an aggregate of $110,000 in original issuance discounts) (the “Notes”). The closing of the transactions contemplated by the Securities Purchase Agreements occurred on September 17, 2019.
The Notes mature on September 17, 2020, bear interest at a rate of 4% per annum (increasing to 24% per annum upon the occurrence of an Event of Default (as defined in the Notes)) and are convertible into shares of the Company’s common stock, par value $0.000001 per share, at a conversion price of $0.10 per share, subject to adjustment. The Notes may be prepaid by the Company at any time prior to the 180th day after the issuance date of the Notes with certain prepayment penalties as set forth therein.
We all know that adjustment means 40-60% of lowest trading price last 10-20 days. A lot of toxic debt has that condition. So the .10 a share isn't a guarantee. Plus prepayment penalties.
On January 9th, 2020
On January 9, 2020, Verus International, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an accredited investor pursuant to which the Company issued and sold a convertible promissory note in the principal amount of $605,000 (including a $90,000 original issuance discount) (the “Note”). The closing of the transaction contemplated by the Securities Purchase Agreement occurred on January 13, 2020, the date the Company received net proceeds in the amount of $500,000 as a result of $15,000 being paid to reimburse the accredited investor for legal fees incurred with respect to this Securities Purchase Agreement and Note.
The Note matures on January 9, 2021, bears interest at a rate of 4% per annum (increasing to 24% per annum upon the occurrence of an Event of Default (as defined in the Note)) and is convertible into shares of the Company’s common stock, par value $0.000001 per share, at a conversion price of $0.015 per share, subject to adjustment. The Note may be prepaid by the Company at any time prior to the 180th day after the issuance date of the Note with certain prepayment penalties as set forth therein.
Again subject to "adjustment" and penalties.
So 2 new notes totaling 1.2M+ that can most likely convert as soon as the noteholders want once the company fails to file the 10K on time.
Plus 4.5M in revs per year owed back to the nutribrand sellers out of the revenue of the entire portfolio not just nutribrands.
Same old OTC story that had been told many times before.
But VRUS is going to rocket because IR told me that everything is good. Time to take out that second mortgage and load up boys and girls!
VRUS is just goofy right?
AI
