Home > Boards > US OTC > Automotive and Transportation > CurAegis Technologies Inc. (CRGS)

January 6, 2021, the Company entered into a

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cornbread   Tuesday, 01/12/21 07:50:13 PM
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January 6, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., a New York corporation and subsidiary of Power Up Lending Group Ltd. ("GRR"), pursuant to which GRR purchased a convertible promissory note of the Company in the principal amount of $35,000 (the "Note"). The Note has a one-year term and bears interest at 8%, with any interest or principal not paid when due earning 22% interest. The Note is convertible into the Company's common stock at a conversion price of 65% of the lowest per share closing price during the 20 days prior to conversion, with a limitation on conversion prohibiting the conversion of any portion of the Note that would result in beneficial ownership by GRR of more than 4.99% of the Company's issued and outstanding common stock, other than shares which may be deemed beneficially owned by GRR through ownership of the unconverted portion of the Note or any other security of the Company that is subject to an analogous limitation on conversion or exercise. Under the securities purchase agreement, for so long as the Note is outstanding, the Company may not, without GRR's consent, sell any significant portion of its assets outside the ordinary course of business in a transaction that would render the Company a shell company under the Securities Act.



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