looks like that authorized will be raised instead of a reverse
they are now issuing shares at a 40% discount ... cranking up the dilution machine
Between July 13, 2020 and August 31, 2020, MassRoots, Inc. (the “Company”) issued and sold convertible notes (the “Notes”) in the aggregate principal amount of $176,000 (including an aggregate of $16,000 original issuance discount) to investors. The Notes mature on dates ranging from January 13, 2021 to March 1, 2021.
On September 1, 2020, the Company issued and sold a convertible note (the “September Note”, together with the Notes, the “2020 Notes”) in the principal amount of $49,500 (including a $4,5000 original issuance discount) to an investor. The September Note matures on March 1, 2021.
The 2020 Notes accrue interest at a rate of 12% per annum and are convertible into shares of the Company’s common stock at a conversion price of $0.01 per share, subject to adjustment; provided, however, upon the occurrence of an Event of Default (as defined in the 2020 Notes), the conversion price shall be 60% of the average of the three lowest closing bid prices of the Company’s common stock during the twenty days prior to the date of conversion; provided, further however, upon the occurrence of an Event of Default, the conversion price shall not be less than $0.001 per share. The Company is prohibited from effecting a conversion of the 2020 Notes to the extent that, as a result of such conversion, the holder would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares of common stock upon a conversion of the 2020 Notes. Upon the occurrence of an Event of Default, among other things, the outstanding balance of the 2020 Notes shall increase to 130% of the outstanding balance immediately prior to the occurrence of the Event of Default. The 2020 Notes may be prepaid by the Company at any time until 180 days from the issuance date thereof subject to certain prepayment penalties set forth in the 2020 Notes
Ole Broke Azz
Buy Bottoms
Stage Buys
Trust No One, me included
Don't ask if I'm selling. If I'm in, I'm always selling & I'm always buying
